According to foreign media reports, on November 29, Hanwha Qcells, a subsidiary of Hanwha Group, said it would close its 3.5G W component manufacturing plant in Yincheng, South Korea.
The decision is the result of Qcells' efforts to optimize module production capacity and to cope with the stagnant domestic solar market in South Korea, a company spokesman said. "Over the past three years, the total installed solar capacity in Korea has been declining, from 4.7 GW in 2020 to 3.4 GW in 2022, and is expected to decline further in 2023."
The company said it would continue to invest in its flagship manufacturing facility in Zhenchuan, South Korea, which still produces TOPCon products and operates a perovskite tandem pilot line. "The closure of the Eumseong plant will have minimal impact on Qcells' global module supply capacity,"
the spokesperson said. "The company's manufacturing capacity has been greatly expanded, and the current module capacity is sufficient to cover our global market."
Hanwha Qcells said it offered voluntary redundancy packages to employees. "The company has not set a target number for this," the spokesperson said. "Those who wish to remain with Qcells will be absorbed into the Jincheon operation and the additional manpower will facilitate the operation of the TOPCon and Tandem lines."
According to industry sources, Hanwha New Energy has suspended production at a solar panel factory in South Korea and cut production at another factory due to weak demand in the domestic market. Hanwha's suspended panel production plant, located in Inseong, about 100 kilometers south of Seoul, South Korea, produces 2.9 GW of solar modules annually. The plant, which cuts production, is about 18 kilometers from the Yincheng plant, which produces 2.9 GW modules and 5G W solar cells.
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