April 27, 2024

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[THE INVESTOR] Hanwha Q Cells has signed a contract to supply additional 900-megawatt solar modules to NextEra Energy, a US wholesale electricity supplier.

The company said on Jan. 17 it has signed this additional contract after completing its supply of 1.5-gigawatt photovoltaic modules in 2016. The new contract will approximately amount to 540 billion won (US$463 million), as the expected tally per megawatt will be between 500 to 600 million won. 

“Last week we entered an additional contract with NextEra Energy to supply a second solar module. Thanks to this, all Q Plus products produced in Korea will be supplied to the US,” said an official at Hanwha Q Cells.

Industry experts claim that the anti-dumping tariffs imposed on Chinese solar products gave Hanwha Q Cells the competitive edge to close the deal. In addition, Shinhan Investment has assessed that Hanwha Q Cells has eased the concerns about its major shareholder, Hanwha Chemical, with its earnings from this large-scale order of solar products.

By Alex Lee (alexlee@heraldcorp.com)