Hanwha Q Cells pursues next-gen energy solutions other than solar

Lee Koo-yung, CEO of the solar power unit Qcells Division (Hanwha Q Cells) of South Korea's Hanwha Solutions Corp., on Monday said, "We will go beyond solar power generation to display next-generation energy solutions."

In an interview with Hanwha Journal and Hanwha TV on Hanwha Group's website, he said his company's goal is to become an energy supplier instead of merely a manufacturer and seller of solar power facilities since production alone cannot keep pace with the profitability of Chinese solar energy companies, which prioritize price competitiveness.

The core system of his proposed energy solution is a virtual power plant (VVP), which connects renewable energy generated in a region by an individual or business to a place of need. This leads to the reorganization of energy distribution through forecasting power generation volume and demand in regions based on artificial intelligence and big data.

Green energy capacity greatly differs depending on weather or season but this trait can lead to more efficient use of electricity.

To start a VPP business, Hanwha Q Cells is building more small power plants in regions. Its so-called power distribution project, which is the polar opposite of the centralized system led by large plants, seeks to efficiently distribute electrical power from small plants through VPPs.

"In global capacity for power generation facilities, solar power will overtake natural gas by 2026 and coal by 2027," CEO Lee said.

Write to Hyung-Kyu Kim at khk@hankyung.com