Hyundai returns to Aussie solar market with USD-53m deal - report

South Korea’s Hyundai Heavy Industries Green Energy has struck an exclusive solar distribution deal with Queensland-based Supply Partners, marking its return on the Australian solar market, ReNew Economy reports.

The deal is valued at AUD 70 million (USD 52.7m/EUR 45.3m) and paves the way for the company’s “aggressive growth strategy” for the Australian market. It envisages launching several PV panels, including a 300-W monocrystalline panel for residential and 360-W panel for commercial applications, with a focus on the rooftop photovoltaic (PV) segment.

Hyundai Heavy Industries Green Energy, a unit of Hyundai Heavy Industries (KRX:009540), has not been active on the Australian market since 2011. Under its new plan it will strive to sell between 20 MW and 30 MW of panels this year and 40 MW - 50 MW in 2019. The equipment will be distributed by Supply Partners and will most likely be provided for several large-scale projects, said Larry Kim, head of global sales at Hyundai Heavy Industries Green Energy, as cited by the media.

Meanwhile, the company is involved in energy storage projects in Korea and could also do so in Australia. However, this will not happen in the near future, Kim said, adding that it will restrict its activities in Australia only to the supply of solar panels, for now.

(AUD 1.0 = USD 0.754/EUR 0.648)

Choose your newsletter by Renewables Now. Join for free!