The acquisition consists of RES France’s 5GW of solar and wind projects in pipeline, local network and digitalised development platform
South Korea-based Hanwha Solutions is set to acquire the RES Mediterranee, the French renewables business of UK-based RES Group, in a deal worth €727m.
Q CELLS, the green energy division of Hanwha Solutions is leading the acquisition that includes clean energy projects with construction and development capability.
The acquisition of RES Mediterranee (RES France) is aimed at expanding the company’s business across Europe.
RES France is engaged in the development and construction of onshore and offshore wind, and solar photovoltaic (PV) plants and energy storage systems.
With the acquisition, Hanwha will benefit from RES France’s 5GW of solar and wind projects in pipeline, extensive local network and digitalised development platform.
The transaction will boost the company’s transformation into a total renewable energy solution provider, and expand its business with 15GW in pipeline.
Also, it will allow Hanwha to advance its efforts to enter into green energy market in Europe.
Hanwha Q CELLS CEO Kim Hee-cheul said: “Decisive actions can make a company much more sustainable and profitable.
“Thanks to the bold vision of Hanwha Solutions Corporation, this contemplated acquisition shows that Q CELLS is willing to move boldly into the French renewable energy market and to make a significant contribution to the French energy transition.”
Hanwha currently operates nearly 10GW of pipeline capacity across the world. The acquisition is expected to close in October this year.
Upon closing of the acquisition, the company will have a pipeline capacity of 10GW in Europe alone.
The deal is also expected to enable Hanwha to expand its business beyond solar, by integrating wind into its energy portfolio.
Hanwha stated: “The acquisition is expected to spur investments here and abroad. The Company has been ramping up its investment into Perovskite solar cells in Korea, while looking for overseas opportunities to acquire companies with technology to combat climate change.”