Hanwha Solutions Corporation is spending more than KRW760 billion or about $549.6 million for its solar energy unit. This will be the company’s latest investment as one of the key energy units of the Hanhwa Group.
Hanwha Solutions revealed its plan to invest on Wednesday, Sept. 7. The company shared that the funds will be used to bolster the production capacity of its domestic solar panel materials in South Korea. Increasing the capacity is also part of its push to expand into the renewable energy trade.
According to Yonhap News Agency, the energy and petrochemical firm’s investment announcement happened shortly after the Hanwha Group tapped Kim Dong Kwan to lead the key affiliates of the company, including Hanhwa Solutions. He is Hanhwa’s current vice chairman, who is also the heir apparent to the conglomerate.
The request is being viewed as a move to hasten…