Hanwha Solutions acquires RES France to enter wind energy market

Led by Hanwha Solutions’ green energy division Q CELLS, acquiring the French unit’s gigawatt-scale clean energy projects of wind farms and solar plants is expected to accelerate Hanwha Solutions’ transition into a total renewable energy solution provider.

The Company’s board of directors agreed to purchase a 100 percent stake of RES Méditerranée SAS, or RES France, in a deal worth 727 million euro. The deal aims to secure the French firm’s 5-gigawatts pipelines of solar and wind projects, and its development and construction department.

Currently, Hanwha Solutions operates about 10 gigawatt of pipelines around the world. Upon the acquisition of RES France, its pipeline capacity will total 10 gigawatt in Europe alone, allowing the Company to achieve economies of scale in the region, where it can supply photovoltaic modules more stably.

Another booster for its business prospect is utilizing wind farm installation capacity of RES France, which also engages in developing and construction photovoltaic plants and energy storage system. Integrating wind into its energy portfolio, the Company can expand its business beyond solar into comprehensive renewable business throughout Europe.

“Decisive actions can make a company much more sustainable and profitable,” Hanwha Q CELLS CEO Kim Hee-cheul said, speaking on behalf of Hanwha Solutions Corporation.