Hanwha Q Cells Executes Major Solar Panel Deal
kpride, April 20, 2015, 10:02 a.m.
Hanwha Q Cells Co., the world's leading solar cell maker, said Monday it has signed a deal to sell 1.5-gigawatt solar modules to NextEra Energy Inc. in the United States by next year, the single largest deal in the solar power sector.
Under the deal, Hanwha Q Cells will export 1.5-gigawatt photovoltaic solar modules between the fourth quarter of this year and late 2016 to the U.S.' No. 2 power firm, the South Korean company said, without disclosing the deal's value. The solar modules to be shipped are capable of generating enough electricity to support a city with a population of 2.5 million, it said.
NextEra will install the solar modules on its solar farm to be built in the U.S., according to Hanwha Q Cells. Hanwha Q Cells emerged as the world's largest solar power company after acquiring Hanwha SolarOne Co. in February, following its merger with German solar panel producer Q Cells in 2012. It has a production capacity of 3.28 gigawatts.
Hanwha Q Cells, which is listed on the U.S. tech-laden NASDAQ, is a renewable energy unit under Hanwha Group, South Korea's tenth-largest conglomerate which has businesses ranging from defense and chemicals, to finance and resorts.