Hanwha Solutions has reduced its recently announced contested rights offering, but refrained from reducing Qcells’ tandem investment plan.
Hanwha’s board approved a new 1.71 trillion won capital raise, down from 1.8 trillion won in the previous revision and 2.4 trillion won in the original March plan. The cuts came mainly from the financing structure and debt-repayment portion, while the 907.7 billion won allocation for perovskite tandem and related solar manufacturing investment was left unchanged.
Hanwha still plans to devote 100 billion won to a pilot line for next-generation perovskite-silicon tandem solar cells, while another 800 billion won will support gigawatt-scale tandem manufacturing and TOPCon expansion at its Jincheon, South Korea and Cartersville, Georgia facilities.
That choice seems to come in the middle of rather strong investor resistance. Shareholders objected to the scale and dilution of the rights offering, especially because much of the original proceeds were earmarked for debt repayment, but management has now reduced that burden while preserving its tandem roadmap.
Under the latest revision, dilution drops to roughly 30%, compared to around 42% in the original filing. At the same time, the amount allocated to debt repayment has been cut to 801.5 billion won, down sharply from the 1.5 trillion won initially proposed.
From a perovskite perspective, this suggests that Hanwha and Qcells view tandem solar as a major technology lever for restoring competitiveness. Qcells has already established itself as one of the most closely watched tandem developers and is targeting initial tandem mass production in the first half of 2027.
