Hanwha boosts presence in Japanese solar market

Expansion fueled by Japan’s growing need for solar energy.

Hanwha Group, one of South Korea’s leading chemicals and insurance conglomerates, is doubling its efforts to take a larger slice of Japan’s growing market for solar energy.

Hanwha said they are opening a second sales office in Japan because Japan is one of the fastest growing solar energy markets in the world despite weak global demand,

The group expects the number of solar powered households to increase over the next few years. It bought German solar cell maker Q-Cells in 2012, making it a leading player in the global solar industry. Hanwha also took over Chinese solar cell and module manufacturer Solarfun Power Holdings in 2010.

Hanwha and Japanese trading firm Marubeni signed an agreement August 2012 to supply solar modules that will generate 500MW by 2016.

The Japanese government is diversifying its energy sources since only two of the 50 existing nuclear reactors are currently online.