Hanwha Group said Friday that it would create a solar power business hub in South Chungcheong Province as part of its renewed commitment to the incumbent administration’s “creative economy” initiative.
A total of 152.5 billion won ($140 million) will be poured into related projects, especially for nurturing competitive start-ups, officials said.
Hanwha, in partnership with the local government, opened the Chungnam Center for Creative Economy in Cheonan, the provincial capital, on Friday that would play a key role in the group’s big push for renewable energy.
President Park Geun-hye and Hanwha Group chairman Kim Seung-youn (second from right) celebrate the opening of the Chungnam Center for Creative Economy at an industrial complex in Cheonan, South Chungcheong Province, Friday. Participants included Science, ICT and Future Planning Minister Choi Yang-hee (second from left), South Chungcheong Province Gov. Ahn Hee-jeong (third from left) and Chungnam Center for Creative Economy director Lee Byung-woo (third from right). (Yonhap)
The center aims to attract small and medium-sized firms in the field of solar power to help their R&D activities and the commercialization of related technologies, while offering consultations for their global expansion.
It is the 11th of its kind in a series of government-driven regional offices aimed at nurturing start-ups and venture companies across industries in collaboration with major conglomerates.
“Amid the shift from fossil fuels to renewable energy, the Korean economy is facing both challenges and opportunities,” President Park Geun-hye said in her congratulatory speech during the center’s opening ceremony.
“Korea is still a major energy importer, but if we take one step further to secure clean energy technologies and commercialize them, our business model could lead the world’s renewable energy market.”
South Chungcheong Province, equipped with abundant solar power infrastructure, is home to more than 500 rechargeable battery-related firms. Its geographical proximity to the soaring Chinese market is also expected to offer a boon for businesses.
Under the leadership of the center, a new solar energy business hub will be created to combine production plants and research organizations in the province together with Hanwha’s own venture cluster under construction.
Hanwha also plans to start a clean energy project replacing diesel generators on Jukdo and six other small islands in the province with emission-free solar panels aiming to make them self-sustainable with renewable energy.
The group, using its own retail units, also plans to support the modernization of the province’s traditional agricultural and fishery industries. It will help develop value-added locally grown products and their premium branding and distribution.
By Lee Ji-yoon (jylee@heraldcorp.com)