Hanwha Solutions readied to get RES Group's French renewables advancement service

Aug 10, 2021 08:24 PM ET
  • Q CELLS is set to double its clean energy project pipeline in Europe to around 10GW as its parent company protects a deal to obtain a French renewables growth and also building and construction business owned by the RES Group.
Hanwha Solutions readied to get RES Group's French renewables advancement service
Image: RES Group

Hanwha Solutions has actually authorized an agreement to purchase 100% of the equity interest of RES Méditerranée, additionally known as RES France, which has a pipe in France containing 5GW of utility-scale solar, onshore wind and also storage projects.

Established in 1999, RES France has to date supplied 68 renewable resource projects. Business is headquartered in Avignon and has 6 local offices located throughout France.

While the offer will see RES offload its French growth interests, the UK-headquartered renewable energy business will certainly preserve its support solutions business in France as it expands its asset management along with procedures as well as upkeep tasks.

South Korea-based module maker Q CELLS said the proposed purchase reflects its strategy to expand its emphasis beyond solar to various other renewable energy industries, consisting of onshore as well as offshore wind. As part of its downstream energy service, Q CELLS presently has a worldwide project pipe of about 10GW, with around 5GW of this in Europe.

Prior to the RES France offer, Q CELLS' European pipe has actually primarily been focused in the Iberian Peninsula. Last year, the company protected 315MW of PV capability in Portugal's solar auction and also got project advancement civil liberties for around 1,370 MW of Spanish solar via two different manage designer RIC Energy.

"The contemplated procurement of RES France would lay the foundation for a rapid development of Q CELLS' French sustainable organization and also will diversify its European pipes in a solitary stroke," the company said in a news release.

Q CELLS CEO Hee Cheul (Charles) Kim said the scheduled procurement reveals that the company "is willing to relocate strongly" right into the French renewable energy market as well as to make a considerable contribution to the French energy change.

As France aims to reach carbon nonpartisanship by 2050, the European Commission last month approved the nation's brand-new EUR30.5 billion (US$ 35.8 billion) help plan that will sustain renewable power manufacturing. The plan includes seven tenders for a total amount of 34GW of renewables ability that will certainly be arranged between 2021 as well as 2026.

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