In February 2015, Hanwha Group consolidated its two photovoltaic power units, Hanwha Q CELLS and Hanwha Solarone, into a single entity named Hanwha Q CELLS. Hanwha Q CELLS was reborn with the world’s largest solar cell production capacity. Hanwha Q CELLS now owns a combined 5.7GW cell and module production capacity as of 2016. The company ranks 1st in terms of cell production capacity and fifth in terms of module production capacity.
Korea has a cell production plant in Jincheon, Chungcheongbuk-do, and a module production plant in Eumseong, Chungcheongbuk-do, which each have a 1.7GW capacity. Hanwha Q CELLS has a Chinese plant with a 2.4GW cell and a 2.4GW module production capacity.
Hanwha Q CELLS is leading the global photovoltaic power market in terms of both production capacity and technology power. In 2011, the company introduced Q.ANTUM technology, giving it a global top cell performance record. In 2015, Hanwha Q CELLS tops in the world in multi-crystalline module performance. Hanwha Q CELLS chalked $1.799 billion in sales and $76.6 million in operating profit in 2015.
Hanwha Q CELLS has several production centers in Korea, Malaysia and China, which can produce high quality products.
The company maintains steady growth in all areas around the world as it has seen its sales rise not only in such advanced markets as the United States and Japan but also in emerging markets, including India and Turkey. Hanwha Q CELLS, which overcame hardships like a slumping global photovoltaic power market between 2011 and the first quarter of 2015, is undergoing a resurgence by putting together an impressive streak of profitable quarters since 2015.
Hanwha Q CELLS is establishing itself as a global photovoltaic power leader by exploring new markets. Thanks to its charming business performances, the company posted $2.425 billion in sales and $207 million in operating profit in 2016.
The capacity of the global photovoltaic power market is forecast to rise to between 74GW to 78GW in 2017 from 70Gw in 2016.
Hanwha Q CELLS is accelerating efforts to explore the Indian photovoltaic power market. The company is now building photovoltaic power plants with a combined capacity of 148.8MW. It has signed deals to supply modules with a combined capacity of 70MW. Hanwha Q CELLS set up a joint venture with Renew Power in India.
The joint venture has built two photovoltaic power plants with a combined capacity of 148.8MW in two areas in Telangana, India. It has agreed to supply 70MW modules to a photovoltaic power plant in Tamil Nadu, India. Hanwha Q CELLS is stepping on the gas to tap the Turkish photovoltaic power market. Hanwha Q CELLS rose to the No. 1 position in the Turkish market in 2016 as the company has been involved in the construction of photovoltaic power plants with a combined capacity of 18.3MW.
The company has secured a foothold in the Turkish photovoltaic power market. An 8.3MW photovoltaic power plant built under the first phase was dedicated and put into commercial operation in late 2015. Under the 2nd phase project, a photovoltaic power with a capacity of the remaining capacity of 10MW was dedicated in the third quarter of 2015. The company also won a 1GW photovoltaic power project in March, the largest one in the European area.
Hanwha Q CELLS took the biggest share in the Korean photovoltaic power module market in 2016. On top of B2B business projects like module sales, photovoltaic power development, and photovoltaic power construction, the company has released a small- and medium-sized B2C products with a capacity of 100KW to 500KW to provide services ranging from consulting for individual investors to financing and photovoltaic power construction.
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