Grid connection begins on Hanwha Q CELLS’ 45 MW solar PV portfolio in Poland

  • First megawatt of PV portfolio commissioned in the Polish town of Smętowo Graniczne
  • Remaining 44 MW, comprised of small clusters of single-MW solar plants, to be grid-connected across Poland by early 2019
  • Acquisition of 30 MW of PV projects in Poland complete

Hanwha Q CELLS GmbH (“Hanwha Q CELLS” or “the Company”), the German subsidiary of one of the largest solar cell and module manufacturers in the world, Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL), has this week observed grid connection of the first megawatt of the Company’s solar PV portfolio in Poland. The first 1 MW plant to be grid-connected is located in Smętowo Graniczne and was built to Hanwha Q CELLS’ superior standards of quality, design, engineering and construction.

This development comes after Hanwha Q CELLS’ recent finalization of the acquisition of an additional 30 MW of shovel-ready PV projects, thus increasing its portfolio to 45 MWp of solar plants up to 1 MW each. This represents 15% of all solar projects secured under Poland’s new RES auction system. Each of the 50 solar parks has been awarded with a 15-year Contract for Differences (CfD) agreement from the Polish Energy Regulator (URE), securing a fixed price in Polish Zloty for every kWh produced by the PV plants.

Portfolio demonstrates Hanwha Q CELLS’ expertise across entire solar value chain

The Hanwha Q CELLS EPC team has been very active in Poland’s solar market in 2018, proving adept at identifying attractive PV opportunities and delivering bankable EPC contracts. The division can also offer short- or long-term operations and maintenance (O&M) services to the solar plants post-acquisition.

Hanwha Q CELLS identified Poland as an appealing solar market for its EPC division due to the competitive nature of the auction process and the abundant PV potential within the country. Cumulative awarded solar capacity currently stands at approximately 360 MW, according to the Polish Solar Energy Association, Polskie Towarzystwo Fotowoltaiki, which also estimates that the country’s total capacity could reach 1.2 GW by 2020.

Mauro Di Fiore, VP of Hanwha Q CELLS’ EPC division, said: “The secured revenue stream and rate of return guaranteed by the Polish government makes this 45 MW solar PV portfolio an attractive investment in a market that we feel is growing in confidence and opportunity.

“For a company like Hanwha Q CELLS, which has been steadily expanding its EPC activities worldwide, Poland’s renewable energy auctions represented an ideal occasion to showcase our skill and experience in controlling several steps of the solar value chain – from project rights acquisition and logistical supply of our industry-leading solar modules, through to EPC and O&M activities.”

Amit Yalov, Head of Project Finance for Hanwha Q CELLS, added: “Our PV portfolio represents a significant portion of Poland’s future installed capacity, and we are very proud of our position in the market. We are keeping a close eye on the RES regulation developments and are preparing for the next auction.

“Moving forward, we intend to further increase our portfolio in Poland and strengthen our standing in the Polish energy market.”

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