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US Climate Law Gives Big Boost to Korean Clean-Energy Firms

  • Tax credits, shift away from China benefiting Hanwha, CS Wind
  • Automakers, battery manufacturers could be disadvantaged
Floating solar panels on the Hapcheon Dam in South Korea.

Floating solar panels on the Hapcheon Dam in South Korea.

Photographer: SeongJoon Cho/Bloomberg
Updated on

South Korean clean-energy companies are major foreign winners from Washington’s landmark climate law as they benefit from tax credits and a turn away from China.

Hanwha Solutions Corp., a solar equipment maker with manufacturing and research sites in North America, said it’s expecting to get more than $200 million in tax credits annually from next year. CS Wind Corp., which operates the biggest US facility to build wind towers, is also forecasting a big windfall from the credits. Both companies are considering further investments as a result of the law.