Hyundai Heavy to reduce solar exposure
KOREA TIMES - The prolonged downturn in the global solar market is proving too much for Hyundai Heavy Industries (HHI), Korea’s biggest solar business operator, to endure. HHI has decided to vastly restructure its solar business after scrapping plans to build two solar photovoltaic power plants roughly valued at $700 million in Arizona, the United States, said Hyundai officials.
"The market demand is way below expectations. The feasibility is lost,’’ a source told The Korea Times, Tuesday.
The restructuring will come after the shipbuilder has already downsized its investment by over 40 percent.
Part of the restructuring involves a discounted sale of a production facility for crystalline silicon, a raw material for solar cells.