In January of 2019, Hanwha Energy was awarded the contract for the Hoohana project, a major solar energy development on the island of Oahu, by Hawaiian Electric Company (HECO). Hanwha Energy will develop, construct, and operate a USD 140 million (KRW 157 billion) solar farm by 2021. Under the terms of the Power Purchase Agreement, Hanwha Energy will operate this 52MW photovoltaic power plant and a 208MWh Energy Storage System (ESS) for 20 years.
The Hoohana project is a part of Hawaii’s initiative to achieve 100% reliance on renewable energy. Six other companies were also selected to work on solar energy projects across Hawaii, including AES, the world’s largest ESS company. Hanwha Energy’s inclusion in this group signals its expanding reach across North America and solidifies its position as a major player in global energy market.
“The convergence of solar power and ESS technology is an innovation that will drive the future of the energy industry,” says Duhyung Ryoo, CEO of Hanwha Energy. “Hanwha Energy will continue to develop and deploy new technologies to become an energy leader not just in Korea, but around the world.”
Through its subsidiary 174 Power Global Corporation, Hanwha Energy is involved in all aspects of the North American solar energy market – from project financing to power plant operations. 174 Power Global provides clean solar energy to thousands of households by generating 1GW through various Power Purchase Agreements, including the Techren Solar project in Nevada, the Midway Solar project in Texas, and Laguna Solar project in Mexico. 174 Power Global also has 9GW worth of projects currently in development.
Hanwha Energy has an additional 10GW of solar energy projects in the pipeline putting it on a solid trajectory to be the world’s leading solar energy generator by 2020. Concurrently, the company is working to become a comprehensive energy solutions provider by developing and investing in other solar energy-related services including plant Operations & Management and Energy Storage Systems.
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 70 domestic affiliates and 325 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.