© Reuters. The logo of Hanwha is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann
SEOUL (Reuters) -South Korea’s Hanwha Solutions Corp 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.