Hanwha Q Cells Korea to add 1.5 GW of cell capacity - report

Hanwha Q Cells Co Ltd (NASDAQ:HQCL) will invest KRW 350 billion (USD 316m/EUR 288m) in a 1.5-GW solar cell factory in Jincheon, South Korea, in a drive to meet growing demand, The Korea Times reported.

The company will also double its module production capacity at Eumseong, North Chungcheong Province.

The expansion projects will allow Hanwha to meet cell and module demand and to prepare for more orders after the recently announced 1.5-GW-plus deal with NextEra Energy Resources LLC in the US, according to the report. Module delivery under the latter supply contract is planned to take place between the final quarter of 2015 and the fourth quarter of 2016.

Hanwha Q Cells on Thursday guided for second-quarter 2015 photovoltaic (PV) module shipments of between 650 MW and 680 MW, after 547.3 MW in January-March. The company expects module shipments of 3.2 GW-3.4 GW for the full 2015.

(KRW 1,000 = USD 0.901/EUR 0.822)

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