Hanwha Solutions, based in South Korea, has plans to buy renewable energy producer RES France for $855.2 million in a deal that is anticipated to close in the next two months. RES France is a part of the RES Group, a corporation based in the United Kingdom.
Hanwha will acquire RES France’s wind and solar power projects, totaling roughly 5 GW of generation capacity, under the terms of the agreement. Hanwha Solutions has previously stated that France is one of the most attractive markets for renewable energy, and this move supports the company’s plans to expand its current solar-heavy portfolio to include onshore and offshore wind projects.
The acquisition, which is expected to be completed in October, would boost the global capacity of Hanwha Solutions’ clean energy projects from 10 GW to 15 GW. Hanwha Solutions will benefit from economies of scale by delivering solar modules to projects in Europe, where 10 GW is concentrated.
In the last 20 years, RES France has completed 68 renewable energy projects in France, including solar installations as well as onshore and offshore wind farms. Prior to the latest purchases, Hanwha Solutions stated that Q Cells’ current European projects were centred on the Iberian Peninsula in southern Europe, in portions of Spain and Portugal.