posco AMERICA

The company expects to build a value chain of solar power business

POSCO Daewoo signed several 30 MW supply contracts of solar panel modules with Osgood Solar and other American solar energy firms at Intersolar North America, the energy-related trade fair, held in San Francisco on July 15. The contract is valued at approximately USD 17 million (KRW 20 billion).

Under the agreement, POSCO Daewoo will supply solar panel modules produced by Hyundai Heavy Industries (HHI) to the U.S. solar power firms to be installed on general houses and skyscrapers across the U.S.

The global business network and the financing capability of POSCO Daewoo, together with its strategic partner HHI's differentiated manufacturing technologies, have been the driving force behind the success of this contract.

As interest in eco-friendly energy is increasing globally, the demand for solar panel modules is steadily rising. POSCO Daewoo is focusing its capability on building a value chain of its solar power business by carrying out various projects for the materials ranging from polysilicon which is the raw material for the solar panel module, and cells which is the intermediary materials, to the finished products.

POSCO Daewoo has focused on landing new business partners through local subsidiaries, which they think has been the main factor in beating lower-priced competitors including the world's leading players in the field. The company hopes to participate in new projects with the U.S. solar power firms in the future as well.

POSCO Daewoo has been running its renewable energy division since 2010 and is seeking to emerge as a leading general trading firm in the area of sustainable energy both intra- and inter-nationally.