Mar 23, 2023
Hanwha Plans $147 Million Factory to Expand US Solar Capacity
(Bloomberg) -- Hanwha Solutions Corp. plans to spend $147 million on a plant in Georgia that supplies material for panels, drawing cheers from President Joe Biden who credits his climate law for jumpstarting efforts to build a solar supply chain in the US.
Its Hanwha Advanced Materials Georgia unit expects the facility to go into production in June 2024, according to a statement Thursday. It will supply encapsulant film that sister company Hanwha Qcells will use at a nearby site.
Qcells announced in January plans for a $2.3 billion solar factory in Georgia that will produce wafers, cells and panels and another $200 million to expand an existing factory in the state. The plant will be the only US facility making solar encapsulant film. The US is seeking to boost domestic solar manufacturing to reduce the country’s dependence on imported panels. The Hanwha units are taking advantage of generous incentives offered through Biden’s landmark climate law, which has led to a wave of similar announcements for new plants.
Read More: Hanwha to Invest $2.5 Billion to Boost Solar Capacity in US
“Qcells is doubling down on building a complete, domestic solar supply chain and this recent investment is critical to making that happen,” Chief Executive Officer Justin Lee said in the statement.
Despite pushback in Washington from Republican lawmakers, Biden has been touting the Inflation Reduction Act and his efforts to spur economic growth through investments in clean energy.
“Qcells’s announcement to expand its manufacturing in Georgia — already the largest solar manufacturing investment in US history — is the direct result of my economic plan,” Biden said in a statement.
(Updates with comment from President Biden in last paragraph.)
©2023 Bloomberg L.P.