POSCO DAEWOO strikes solar panel supply deals
– POSCO DAEWOO is to supply solar panel modules to Osgood Solar and other US solar power firms
– POSCO DAEWOO seeks to cover the entire value chain; expands business into renewable energy industry
POSCO DAEWOO has signed solar panel module supply deals of 30MW, worth 20 billion Korean won, with U.S. solar power companies at Intersolar North America in San Francisco, U.S. The modules to be exported are produced by Hyundai Heavy Industries and have a combined generation capacity of 30 megawatts.
POSCO DAEWOO will deliver the panels to Osgood Solar and other U.S. solar power generators, which will install the products in houses and buildings.
The contracts are considered as a significant achievement, which officials remarked that it was attributable to POSCO DAEWOO’s global business network and financing ability, and Hyundai Heavy Industries’ advanced module-making technologies.
The global demand for solar panel modules is growing as a result of an increasing focus on eco-friendly energy resources. Against the backdrop of such growing industry, POSCO DAEWOO is trying to expand its solar power business to cover the entire value chain, including polysilicon (solar cells raw material), solar cells and modules.
“We were able to strike the deals amid intensifying price competition with the world’s leading module makers thanks to our overseas offices’ concerted efforts to develop new buyers,” said a POSCO DAEWOO official.
“We hope this will give us additional opportunities to join other solar energy projects controlled by U.S. companies.” POSCO DAEWOO has run a business division dealing exclusively with solar, wind and other renewable energy businesses since 2010.