Hanwha Group, a closely held South Korean industrial conglomerate, created a project development unit to finance and build power plants that will use panels produced by its Hanwha SolarOne unit.
The unit, Hanwha SolarEnergy America, incorporates Solar Monkey, the Irvine, California-based developer in which Hanwha purchased a stake in January 2011, according to a statement today.
“The full capabilities of Hanwha Solar, from manufacturing to project development to finance, will allow us to become a leading provider of solar energy services in North America,” SolarEnergy America Chief Executive Officer Matthew McCullough said in the statement.
Hanwha SolarEnergy America has a project pipeline totaling 1 gigawatt and has completed six projects in California, according to the statement.
The company announced in July that it planned to offer energy-storage technology that would increase the value of solar systems.