Jeong Kyu-chang, head of Hanwha Q Cells, made a presentation on ‘solar industry investment cases and implications’ at the ’12 Photovoltaic Market Insight (PVMI 2023)’ photovoltaic policy and investment trend session held at EXCO (CEO Lee Sang-gil) in Daegu Metropolitan City on the 2023th.
Part head Jeong Kyu-chang talked about △the background of the expansion of global solar power supply △current status and prospects of the global solar power industry △current trend of solar power industry policy in Europe △current trend and examples of solar power industry policy in the U.S. △current status and implications of the domestic solar power industry.
Jeong said, “The US is implementing various incentive policies for the supply of solar power, and with the recent passage of the ‘Inflation Reduction Act’, new solar power installations in the US are expected to increase by 5GW, or 62%, compared to the previous forecast for the next five years. “Countries such as Europe and China have also expressed their will to expand renewable energy and announced action plans one after another, such as expanding investment in infrastructure,” he said.
Then, while explaining ‘US solar power industry policy and investment case’, Jeong cited Hanwha Q CELLS’ US solar hub construction project as an example. “Demand for solar power installations in the U.S. is expected to expand to the 30-40GW market annually,” said Jeong, head of the division. We will build a differentiated supply chain.”
Regarding the current status and tasks of the domestic solar power industry, Jeong said, “Due to economies of scale and low cost, there are no domestic upstream and midstream business areas, and two solar cell and about 2 module companies are operating the business.” “It is necessary to activate domestic manufacturing investment by raising the investment tax credit ratio and realizing local investment promotion subsidies.” In this regard, he added, it is necessary to implement a strong industrial policy package, including a policy to expand supply, a policy to expand investment, and a preferential policy for domestic production.
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