Shinsung E&G Strengthens Renewable Energy Business With New Executive Hire

Shinsung E&G said Sunday it appointed Vice President Shin Sung-ryong to strengthen its renewable energy business division.

The company said energy competitiveness is becoming synonymous with corporate competitiveness across advanced industries and that the executive appointment, along with investments in its Gimje manufacturing line, is aimed at maximizing business synergies and achieving a turnaround this year.

Shinsung E&G plans to rebuild its renewable energy business by bringing in professional management talent and strengthening competitiveness in high-output solar module manufacturing.

Shin, a renewable energy specialist with more than 30 years of experience in solar module manufacturing, engineering, procurement and construction (EPC), and project development, will oversee the company’s renewable energy operations. He previously worked at KC Cottrell and served as executive vice president at KC Solar & Energy and co-chief executive officer at Daeyeon C&I.

At Shinsung E&G, he will lead manufacturing operations, EPC projects and expansion into next-generation energy solutions businesses.

The company is also strengthening manufacturing competitiveness through additional investments in existing solar production lines at its Gimje facility. Shinsung E&G plans to expand production of high-output, high-durability 645-watt solar modules. The company said it aims to establish manufacturing capability — rather than simple distribution and installation of solar modules — as a core competitive advantage. The upgraded production line is scheduled to begin full-scale operations in the third quarter and is expected to improve product profitability.

Shinsung E&G is also expanding its energy solutions business, which focuses on helping companies efficiently produce, store, manage and utilize renewable energy. The company plans to enhance support for RE100 initiatives by providing customized solutions that help corporations transition entirely to renewable energy sources. It also intends to strengthen financing-based solar adoption services to reduce customers’ upfront investment costs.

Shinsung E&G said it will expand its role as a renewable energy service company, or RESCO, by installing solar facilities on customers’ unused land and sharing power generation revenue. The company also plans to connect operational capabilities developed through semiconductor and display cleanroom businesses and data-center cooling operations with its renewable energy operations. In addition, it aims to expand into next-generation energy sectors including hydrogen fuel cells and battery energy storage systems (BESS) to drive both revenue growth and profitability improvement.

Shinsung E&G previously led the market after successfully mass-producing monocrystalline passivated emitter rear cell (PERC) solar cells in 2017. The company halted solar cell production operations in 2020 amid aggressive low-cost competition from Chinese suppliers.

In the first quarter of this year, Shinsung E&G’s renewable energy division posted revenue of 8.5 billion won and an operating loss of 1.6 billion won. The company attributed the loss to lower module sales and increased fixed-cost burdens caused by market supply-demand conditions. Shinsung E&G said it expects the business to return to profitability in the second half of the year.