South Korean solar maker Hanwha Qcells to cease operations in China

SEOUL, April 25 (Reuters) - South Korea's Hanwha Solutions 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)