- Hanwha has acquired RES France.
- The deal will double Hanhwa’s portfolio on the continent.
- The deal will enable Hanwha to diversify into other sectors like offshore wind.
South Korea-based solar module maker Hanwha Q Cells has purchased the French clean energy developer RES Méditerranée (RES France) from the U.K.-based RES for €730 million. This is as the company continues to expand into Europe. Hanwa has a portfolio of clean energy projects with a total capacity of about 10GW globally, including about 5GW in Europe. The addition of RES France’s portfolio of over 5GW doubles Hanwa’s capacity on the continent.
Hanwha Q Cells CEO, Hee Cheul Kim, states: “This acquisition shows that Q Cells is ready to establish itself in the French renewable energy market and to make a significant contribution to the French energy transition while accelerating its transformation towards global, clean and sustainable energy solutions.”
Hanwha believes that France is one of the most attractive clean energy markets, given its wind and solar potentials and well-established tendering system. Hanwha also sees the acquisition as an opportunity to diversify into other sectors other than solar particular onshore and offshore wind power.