2011 has been a quiet year for South Korean Hyundai Heavy Industries Co. (HHI). Last year there was many a joint venture with a wide range of companies all over the world investing in solar plants. The summer of 2010 saw the company come into partnership with Raser Technologies investing in renewable energy and electric vehicles.
Earlier this year, monocrystalline and multicrystalline solar modules produced by HHI, were praised for offering a wide range of applications and performance parameters.
But, now, Maeil Business news reported that there is talk of scrapping plans to build PV plants in Arizona, US.
Signed off in August 2010, HHI’s US$700 million project to build two 175MW capacity solar plants is rumoured to being dropped due to economic downturn. Other corporations, such as LG and Samsung, are also showing signs of making a sharp exit from the solar power sector.
According to Maeil Business news, HHI’s officials have said, “Economic downturn in the US has worsened investment conditions and caused profitability to fall, giving us no choice but to postpone our project. In our latest investment plans, we have excluded the solar power and photovoltaic sectors.”
In addition, HHI`s Eumseong plant for PV cells and modules lowered its operation rate to 30%, while abandoning plans to raise production output from current 600MW to 1GW by next year.
An industry official has been quoted as saying, “HHI`s photovoltaic sector is displaying low growth in the 2% range. This slowdown in growth is pulling the brakes on the investment fad in photovoltaic sectors.”