Hanwha Q Cells embarks on $86mln project to sell renewable energy using idle spaces

Park Sae-jin Reporter() | Posted : June 10, 2021, 10:59 | Updated : June 10, 2021, 10:59

[Courtesy of Hanwha Q Cell]

SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, will lead a 96 billion won ($86 million) project to build solar power facilities on factory roofs and idle spaces in an industrial complex. The project in the southern industrial city of Pohang targets companies trying to reduce carbon emissions.

Hanwha Q Cells said in a statement on June 10 that the company partnered with Korea East-West Power, a state power generation company, to build a 60 megawatt-class solar power plant in Pohang's industrial complex. Solar panels will be built on factory rooftops and unused parking lots. A profit will be created by selling clean electricity so that buyers can receive renewable energy certificates (RECs), also known as Green tags.

RECs are tradable, non-tangible energy commodities. The Seoul government has launched a REC program, encouraging companies to adopt clean energy, as part of efforts to achieve zero-carbon by 2050. RECs are given to companies that use at least 20 percent of their electricity produced by renewable energy sources. There are tax and other incentives.

Hanwha Q Cells will install solar power generators. Pohang will provide administrative support while Korea East-West Power will manage and sell RECs. "Solar power plants using the idle space of industrial complexes is one of the most ideal distributed power generation methods as the production and consumption of electricity takes place in nearby areas," said Hanwha Q Cell CEO Kim Hee-chul.

 
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.