South Korean solar maker Hanwha Qcells to cease operations in China

Hanwha Solutions

25/04/2024 10:13

SEOUL, April 25 (Reuters) - South Korea's Hanwha
Solutions  009830.KS  said on Thursday that its solar panel
making unit Hanwha Qcells will cease its China operations as it
focuses on the U.S. market. 
    Qcells will stop production and sales from its sole factory
in China, in the region of Qidong, from end-June, Hanwha
Solutions said in a regulatory filing. It has no other
operations in China. 
    The company's "normal business activities are not expected
to be hindered" due to the move, the filing said. 
    The factory had annual production capacity of 2.1 gigawatts
of solar cells and 2.3 gigawatts of modules as of end-2023, and
supplied parts to regions outside the United States such as
South Korea, Japan and Europe, a spokesperson said. 
    Hanwha Qcells, which last year announced a $2.5 billion
investment in solar power manufacturing in the United States,
received incentives from the Biden administration's Inflation
Reduction Act (IRA) worth about 209.6 billion won ($152.56
million) in 2023, according to company data. 
($1 = 1,373.9300 won)

 (Reporting by Joyce Lee; editing by Miral Fahmy)
 ((joyce.lee@tr.com;))