South Korean Hanwha Group subsidiary Hanwha Chemical Corp., is retooling its emphasis to solar energy in a bid to capture a portion of the rising global market in solar energy production.
In April Hanwha Chemical Corp.'s board of directors approved plans to build a polysilicon plant in Yeosu, scheduled to come online in 2013. The new Hanwha Chemical Corp. polysilicon facility will produce 10,000 metric tons of polysilicon annually and is expected to generate annual sales of $437 million from 2014 onwards, The Korea Herald reported.
When the Yeosu polysilicon facility comes online in two years Hanwha Chemical will have developed a full manufacturing line for producing solar panels, from creating polysilicon to the casting of silicon ingots, culminating in the production of solar cells, which are then assembled into solar panels.
Hanwha Group official said, "By producing polysilicon, which is essential for making solar cells, the group will be able to secure most of the polysilicon it requires from an in-house source from 2014. This also means that the group will be able to gain security against changes in prices as well as price competitiveness."
Hanwha Group's solar power business began in January 2010 when Hanwha Chemical's plant in Ulsan produced solar cells with combined capacity of 30 million watts.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com More