Hanwha Q Cells, the solar power division of Hanwha Solutions in South Korea, is venturing into next-generation energy solutions, aiming to evolve from a solar power facility manufacturer and seller to an energy supplier. CEO Lee Koo-yung highlighted this strategic shift in response to the increasing competitiveness of Chinese solar energy companies.
A key element of Hanwha Q Cells’ energy solution strategy involves the implementation of virtual power plants (VPPs). These VPPs connect renewable energy sources generated by individuals or businesses in a specific region to areas with high energy demand. By leveraging AI and big data analysis, the distribution of energy becomes more efficient, optimising power generation volume and demand forecasting.
VPPs play a crucial role in mitigating the variability of green energy capacity caused by weather and season. By synchronising energy supply with demand, electricity utilisation becomes more efficient. To support their VPP initiatives, Hanwha Q Cells is actively constructing smaller power plants in various regions. This decentralised power distribution project aims to counter the reliance on centralised systems found in large-scale plants, focusing instead on distributing electrical power from smaller plants through VPPs.
CEO Lee predicts that solar power will surpass natural gas in global power generation capacity by 2026 and coal by 2027, providing further motivation for Hanwha Q Cells to explore and invest in innovative energy solutions beyond traditional solar power generation.