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View of Hanwha Solutions' SolarHub Factory in Cartersville, Georgia. Provided by Hanwha Solutions |
[Alpha Biz= Reporter Kim Jisun] Hanwha Q CELLS, the solar division of Hanwha Solutions, has received a loan support exceeding 2 trillion KRW from the U.S. government, providing a boost to its solar manufacturing plant project, "Solar Hub," currently under construction in the U.S.
On Tuesday, Hanwha Q CELLS announced that it had received final approval for a loan of $1.45 billion (approximately 2.1 trillion KRW) from the Loan Program Office (LPO), a division of the U.S. Department of Energy, on the 19th (local time).
Earlier, Hanwha Q CELLS had announced plans to invest over 3 trillion KRW to build North America's largest integrated solar manufacturing facility, Solar Hub, in Georgia, USA. The company plans to establish a complete solar value chain production line, including ingots, wafers, cells, and modules at Solar Hub. The expansion of its Dalton factory and the construction of a new facility in Cartersville will result in a total production capacity of 8.4 gigawatts (GW), with completion targeted for early 2025.
Hanwha Q CELLS expects to benefit from the Inflation Reduction Act (IRA), enacted by the U.S. government under President Joe Biden. The IRA provides subsidies and tax credits to renewable energy and electric vehicle companies in the U.S. Once Solar Hub becomes operational, Hanwha Q CELLS is expected to receive an annual Advanced Manufacturing Production Credit (AMPC) of approximately 1 trillion KRW. A Hanwha Q CELLS official stated, "This will enhance our financial stability and demonstrate our recognized growth potential internationally."
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
