South Korea’s Hanwha Group Chairman Kim Seung-youn visited Hanwha Q Cell Co.’s solar cell factory in Qidong, China, in a move to bolster the solar energy business that the group has been focusing on as one of its future growth engines.

Kim stressed during the visit that the Qidong factory should play a leading role in cementing Hanwha’s number one position in the global solar energy sector, according to the group.

The Qidong factory is currently capable of producing 2.5 gigawatts (GW) of solar cells and modules, up from 500 megawatts (MW) in cell production capacity and 800MW in module production capacity in 2010. Industry watchers found that the group’s acquisition of German photovoltaic company Q-Cells in 2012 that allowed the Korean company to obtain the German firm’s advanced technology has helped it significantly enhance product quality and price competitiveness.

It was Kim’s first visit to Qidong manufacturing facility that the group acquired in August 2010 when it made a foray into the solar energy business. It was also his first visit to an overseas production site in three years, underscoring the group’s commitment to its business in China where the group companies’ total production and sales are estimated to reach about 2 trillion won ($18 billion).

Hanwha currently runs manufacturing subsidiaries of Hanwha Advanced Materials Corp., Hanwha Techwin Co., Hanwha Chemical Corp. and Hanwha Total in China. Its insurance unit Hanwha Life Insurance Co. also has its Chinese subsidiary.

After the visit to Qidong factory, Kim accompanied President Moon Jae-in on his state visit to China as a business delegation on Wednesday.

By Moon Ji-woong and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]