Hanwha Qcells and True Green Capital partner to install 450MW of solar across America

Hanwha Solutions' Qcells Division (Hanwha Qcells), a global leader in complete clean energy solutions, has partnered with True Green Capital Management (TGC), a specialized renewable energy infrastructure private equity firm in the United States. This secures the company another large-scale contract to supply 450 megawatts (MW) of solar power across the U.S. commercial solar energy market.

While Hanwha Qcells will provide the modules, Qcells Enable, the solar EPC provider and a subsidiary of Hanwha Qcells, will offer complete turnkey EPC services from 2024 to 2025.

“Our business strategy of expanding into areas beyond the manufacturing industry has resulted in a series of achievements,” said Justin Lee, CEO of Hanwha Qcells. “With competitive technological capabilities, abundant experience, and know-how in the renewable energy business, we will secure stable sales by seizing business opportunities and accelerating business growth.”

Hanwha Qcells, owner of the largest silicon module mass production capacity in North America, has recently expanded the scope of its business portfolio across the solar value chain. To actively seek opportunities in the commercial EPC business, Hanwha Qcells established its subsidiary, Enable, in 2022, signifying the company’s commitment to building a complete solar supply chain. With this contract, Enable has achieved more than $100 million in EPC contract orders and established a presence in the U.S. for the next two years.

TGC is committed to advancing both commercial solar projects, utilizing untapped and unused spaces across the country, such as parking lots or rooftops of buildings and factories, and community solar projects in the U.S. Community solar projects make solar options more accessible, typically involving local residents pooling investment funds to collectively build solar energy systems to earn profits, allowing even those with limited financial means to participate.

The solar modules for the TGC agreement will be supplied by Hanwha Qcells’ fully integrated solar supply chain factory in Cartersville, Georgia. This is a part of Hanwha Qcells’ $2.5 billion U.S. investment announced in 2023 that will manufacture 3.3 gigawatts (GW) of solar ingots, wafers, cells, and finished panels, respectively.

This project with TGC marks another large-scale contract in the U.S., building on its successful partnership with Microsoft signed last January. Hanwha Qcells has previously demonstrated its competitive edge in the solar EPC field by signing a partnership with Microsoft to supply up to 12 gigawatts (GW) of solar modules and EPC services over eight years to projects Microsoft has contracted through 2032.

Beyond EPC services, the company also strengthened its efforts to diversify its business structure, including the launch of a financing business tailored for residential solar customers in the U.S. in 2023.