Hanwha Q Cells Co., a solar power unit of South Korea’s conglomerate Hanwha Group, bagged its second order from U.S.-based NextEra Energy Resources to supply photovoltaic (PV) modules following earlier PV module deal with the U.S. wholesale electricity supplier in 2015 that helped the Korean company’s bottom line in the following years.

Hanwha Chemical Corp., the parent company of Hanwha Q Cells, announced in a regulatory filing on January 13 that Hanwha Q Cells America won an order to supply PV modules to NextEra’s unit Florida Power & Light Company. It also said that in order to back the advanced payment Hanwha Q Cells received from the U.S. electricity supplier, Hanwha Chemical signed a repayment guarantee agreement with the Export-Import Bank of Korea.

The two companies did not disclose the size of the order, but considering the value of the guarantee for the advanced payment issued by the bank, which is 281.3 billion won ($239.5 million), the latest order is estimated at 600 billion won. Based on the current price of PV module, which is about 35 cents per watt, the Korean company is expected to supply about 1.4 gigawatt (GW) worth of PV modules to the U.S. counterpart.

Nasdaq-listed Hanwha Q Cells will officially announce the deal in the U.S. soon, the company said. Shares of Hanwha Q Cells ended up 2 percent at $8.45 on Friday from a previous session in the U.S. trading, according to Bloomberg.

The latest order is the second deal it has signed with NextEra. In 2015, the Korean PV module maker clinched then 1 trillion worth contract with the U.S. second largest electricity supplier to deliver 1.5 GW of PV modules, then the company’s largest-ever PV module order.

The big deal had led the company to swing to profits in 2015 for the first time since its foundation and post $72.4 million in operating profit in the July-September period in 2016, a whopping 80 percent on-year gain.

By Jung Wook

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