Recently, Hanwha Qcells announced the closure of its 3.5GW module factory in South Korea, in response to the stagnant solar market in the country.

It is reported that the total installed capacity of solar power in South Korea has been continuously decreasing over the past three years, from 4.7GW in 2020 to 3.4GW in 2022, and is expected to further decrease in 2023. The closure plan aims to optimize Hanwha's photovoltaic module production capacity.

However, Hanwha stated that it will continue to invest in its factory in Jincheon, South Korea, which will continue to produce TOPCon products and operate a perovskite tandem cell pilot line.