RES targets global development approach after finishing sale of France arm
- Renewables designer RES is targeting international development for its development arm after finishing the sale of its development as well as building and construction organization in France to Hanwha Solutions.
South Korean Hanwha Solutions, moms and dad firm of module producer Q CELLS, authorized a contract to purchase 100% of the equity passion of RES Méditerranée, also known as RES France. That offer has now closed after it was cleared by regulatory authorities.
RES France has a pipeline containing 5GW of utility-scale solar, onshore wind and also storage space projects.
UK-headquartered RES will retain its support service business in France that gives property monitoring and also operation as well as maintenance (O&M) services across wind as well as solar projects.
RES said the proceeds from the sale will certainly be used to "accelerate growth globally in its project development as well as building and construction activities along with its increasingly noticeable Support Solutions service".
" We expect significant development in our Support Services service as we use RES' heritage, distinct society and sector experience to satisfy our customer's purposes," stated RES chair Gavin McAlpine. "We are looking forward to remaining to collaborate with our previous French colleagues and also Hanwha Solutions."
South Korea-based module maker Q CELLS said the suggested purchase reflects its approach to increase its emphasis beyond solar to various other renewable energy markets, including onshore as well as offshore wind.
"The contemplated procurement of RES France would lay the structure for a fast development of Q CELLS' French sustainable service and also will expand its European pipelines in a single stroke," the business stated in a news release at the time of the first announcement.
Prior to the RES France bargain, Q CELLS' European pipe has mostly been concentrated in the Iberian peninsula. Last year, the company secured 315MW of PV capability in Portugal's solar auction as well as got project development legal rights for around 1,370 MW of Spanish solar with 2 separate handle designer RIC Energy.