Hanwha Qcells sells 142 MW solar power project in Washington

Korean solar energy firm optimizes profitability by selling development assets and securing EPC contract

Hanwha Qcells' solar panels (Hanwh Qcells)

Hanwha Solution’s Qcells, the solar energy division under Korean conglomerate Hanwha Group, has sold a 142 megawatt solar photovoltaics project to Washington state’s largest utility company Puget Sound Energy, Hanwha Qcells said Wednesday.

Hanwha Qcells highlighted that the sale of the solar power project signifies optimizing the profit structure by selling the developmental assets and securing a turnkey contract for the services of engineering, procurement and construction, or EPC. No information was disclosed in regard to the financial details of the sale and the EPC contract.

The company plans to begin the EPC process next year to complete the construction of the solar photovoltaics project by the end of 2026. The establishment of the solar power plant is expected to create 300 jobs.

Located in Washington state’s Garfield County, the solar power plant is scheduled to begin commercial operation in December 2026 to offer renewable electricity to over 30,000 households.

Hanwha Qcells clinched a series of EPC deals earlier this year and completed related projects across the US, including a 257 MW solar energy plant in Colorado in July, a 50 MW solar energy plant in California in May, and a 150 MW solar energy plant in Wyoming in April.

“With the increasing power demand and the acceleration of the renewable energy transition, Hanwha Qcells will strengthen its position as a key player capable of providing all-around solutions ranging from module production to power project development and EPC services in the US renewable energy sector, which is expected to grow continuously,” said Kim Ik-pyo, head of Hanwha Qcells’ green energy solutions division.

Hanwha Qcells is working on building a strong and secure US solar supply chain, rolling out US-made modules at the firm’s solar energy components production site in the state of Georgia.

The company announced a 3.2 trillion won ($2.4 billion) investment -- the single largest investment in the history of solar energy in the US -- in January this year to expand the current plant and build new production sites, setting up a “Solar Hub” that features an annual solar panel production capacity of 8.4 gigawatts.

By Kan Hyeong-woo(hwkan@heraldcorp.com)