South Korean solar-panel maker Hanwha Solutions will earn an additional US$100 million in operating profit through 2027.

On 16 October, China proposed restricting exports of 12 solar manufacturing technologies covering polysilicon, wafer cutting and solar-cell production. Exporters would also need to register technology transfers. These rules will delay solar power plants in construction outside China that depend on Chinese equipment and inputs. Buyers are therefore likely to favour established manufacturers that can deliver without delays. Hanwha is well placed to benefit because it already produces solar panels in Georgia and is already invested in polysilicon supply chains outside China. US solar developers, the world’s second largest investors in solar power plants, are particularly likely to favour reliable suppliers integrated domestically. Hanhwa is set to benefit from higher US panel sales and stronger pricing privilege. Therefore, China’s restrictions will strengthen established manufacturers that have invested in operating outside China’s supply chain.