Hanwha Q CELLS Co. has secured the right to generate half of the 700-megawatt power capacity put up for auction in Portugal, becoming the first company to build a solar power plant that also features an energy storage system in the country, Koreaninvestors.com reports.
The solar solutions unit of chemicals-to-construction conglomerate Hanwha Group said in a statement that it has secured six of twelve generation capacity lots allocated in a Portuguese state auction.
Hanwha said it will build a solar power and energy storage system plant, 315 megawatts of power for residents in the Alentejo and Algarve regions. The construction of the facilities is expected to be completed in 2024. The company did not reveal the value of the deal.
The project is in line with the Portuguese government’s aims for renewable energy to account for 35% of the country’s overall energy generation resources by 2030. As part of such efforts, the European country’s state power company, Energias De Portugal, plans to close a 1.2 GW coal-powered plant by the end of 2021.
Hanwha said the solar power plant, combined with an energy storage system, will be the first and biggest of its kind in Portugal, a business that is expected to grow rapidly given that the combined system ensures stable power supply regardless of weather.
Hanwha Q CELLS expands business to energy storage
Hanwha Q CELLS, previously focused on selling solar power modules, said in January it aims to transform into a “total energy solution provider” by expanding its business area to energy production, storage and leasing.
“Europe is a leader in the renewable energy market. We will proactively respond to the growing market with the technology and know-how we have in the energy module business,” said Hanwha Q CELLS Chief Executive Kim Hee-cheul.
The company has been an active supplier of integrated energy solutions in Europe and Australia, and in August announced it is acquiring a 100% stake in energy software company Growing Energy Labs Inc. (Geli), San Francisco, California, in a move to step up its business in the US.