S.Korea's Hanwha Q Cells to invest $2.31 bln in U.S. solar manufacturing (updated)

Hanwha Solutions

11/01/2023 05:17

(Adds details)
       SEOUL, Jan 11 (Reuters) - South Korea's Hanwha Solutions
Corp  009830.KS  said on Wednesday its unit Hanwha Q Cells will
invest $2.31 billion to build a solar power manufacturing value
chain in the U.S. state of Georgia through June 2025. 
    With the investment, the company is expected to increase its
solar module production capacity in the United States from 1.7
gigawatts as of 2022 to 8.4 gigawatts as of 2024, Hanwha
Solutions said in a press conference. 
        Hanwha Solutions said it expects the large-scale
investment to effectively respond to the Inflation Reduction Act
(IRA), which includes tax credits and other government support
for the renewable energy industry in response to climate change.
  
 (Reporting by Joyce Lee and Heekyong Yang; Editing by
Muralikumar Anantharaman and Tom Hogue)
 ((Heekyong.Yang@thomsonreuters.com;))