Hanwha is ready to produce solar power modules that are 11 percent more effective than existing ones from next year. Solar batteries are expected to go through a drastic improvement when the massive production of solar power modules is realized next year with the completion of the production system.
Hanwha Group plans to expand the Hanwha Q Cells plant in Jincheon, North Chungcheong Province, to produce more mono cells for solar batteries.
Once the expansion is completed this year, Hanwha Q Cell will turn out 600 Mw scale mono cells from next year. The volume is enough to supply power to around 200,000 households for a year.
Industry sources expect the Hanwha Group affiliate will set out to build the plant for the 1 ,000 Mw scale mono cells from 2018 at its Jincheon mono cell plant complex after further expanding the production capacity of the plant. After 2018, the company will produce 1,600 Mw scale mono cells. Hanwha officials confirmed that they plan to boost the production capacity for mono cells at its Jincheon plant, but they have yet to hold a meeting to approve the plan officially.
Mono cells are made with pure products removing all impure elements from poly silicon, a raw material for solar batteries. Different from general multi cells produced by melting pieces of poly silicon, mono cells can take in solar energy cleanly, and thus make solar batteries more powerful when they are used to make them.
The effective rate of general cells to turn solar energy into power is around 17 to 18 percent, but mono cells can turn 21.5 percent of solar energy into power. Solar power modules made with mono cells can boost the electricity generation by from 10 to 11 percent. Therefore, the industry expects worldwide demand for mono cells to rise rapidly once the production system for mono cells is completed in Korea.
Silicon Module Super League’ (SMSL) member Hanwha Q CELLS reported mixed fourth-quarter 2015 financial results, but achieved total PV module shipments of 3,306MW, an increase of 60 percent from 2,065MW (1,098MW excluding Q Cells) in 2014.
In the 2nd quarter, the company’s operating profit is projected to rise double digits, with the company expected to announce its Q2 results on Aug. 23 as it is listed on the New York Stock Exchange. Officials of Hanwha Q Cells expect the shipment of mono cells to likely expand around 52 percent YoY at the end of this year.
With full-year shipments within previous guidance of 3.2-3.4GW, Hanwha Q Cells confirmed its position as the fifth largest PV module manufacturer in 2015 and fifth-ranked SMSL. Hanwha Q Cells noted that it remained on track to complete previously planned manufacturing capacity expansions by mid-2016. At the end of 2015, the company had in-house annualized production capacities of 1,400MW for ingot, 900MW for wafer, 4,300MW for cell and 4,300 MW for PV modules.
Nameplate cell and module capacity is expected to reach 5,200MW by mid-2016, which includes an additional 800MW of cell production operated by Hanwha Q Cells Korea, an affiliate of Hanwha Q Cells.
The company said that it expected capital expenditures of approximately $180 million in 2016, which included $100 million for capacity expansions and $80 million for manufacturing technology upgrades and certain unspecified R&D related expenditures.
"Our achievement in manufacturing cost reduction was remarkable in 2015 as we are now in a leading position among Asian tier-1 peer group," Nam added. "Our globally diversified cell and module production sites in South Korea, Malaysia and China will continue to help us to serve different global markets highly cost-competitively and immune from US and EU import duties.”
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A view of Hanwha Q Cells plant in Jincheon. (Photos: Hanwha Group)
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