South Korean Hanwha Group ventures into Turkish solar market

The Korea Herald - Hanwha Group has recently established a branch in Türkiye in what was seen as a move to grab a share in one of the world’s fastest-growing solar power markets.

Hanwha Chemical, responsible for managing the energy unit, said a Turkish branch of Hanwha Q Cells was recently set up. This unit is searching for business opportunities involving installing and distributing solar energy tools and solutions.

“Things are still in the early stages but we are seeing a lot of potential in Türkiye,” a Hanwha Chemical official said.

Encouraged by an improving business performance, the South Korea’s ninth-largest conglomerate by assets has been putting greater emphasis on solar power ― a field hailed as the next frontier in global business.

Türkiye fits perfectly into this scheme, Hanwha officials said, as the nation has emerged as a goldmine. Thanks to an abundant amount of daylight, the country is thought to be capable of producing an average of 1,311 kilowatt-hours of electricity per square meter a year.

This year alone, Türkiye’s solar energy production is expected to reach 500 megawatts, up from 50 MW in 2013.

This was the driving factor for global consulting firm IHS to name Türkiye as the second-most attractive solar market in the world.

Solar Energy Panel Image