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SOUTH KOREA’s Hanwha Qcells, a unit of the conglomerate Hanwha Solutions Corp, will close its manufacturing facility in China, reports Bloomberg.
The South Korea’s largest solar producer will permanently close its Qidong factory in China on June 30.
Hanwha Qcells is pulling its operations out of China as it focuses on the US, where it has committed to spend billions of dollars to establish a fully integrated supply chain.
Hanwha Qcells is also one of the beneficiaries of US President Joe Biden’s climate law, the Inflation Reduction Act, which offers tax credits for new manufacturing capacity in the country.
The shutdown comes as China’s world-dominating solar industry grapples with overcapacity and growing competition driving down prices. Companies have seen their profits fall, with some being forced to halt operations to reduce costs.
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