Hanwha Solutions, led by CEO Kim Dong-kwan, will acquire RES France, a French renewable energy company, for 1 trillion won. This is the first time Hanwha Group is making an M&A in the renewable energy sector.
It is planning to secure renewable energy technology and human network amid global carbon-neutral growth trends while solidifying its business base in the European market.
Hanwha Solutions held an extraordinary board of directors’ meeting on Aug. 9 and announced that it will acquire a 100% stake in RES France for about 727 million euros (about 984.3 billion won.)
Hanwha Solutions plans to complete the contract process for the development and construction management of RES France and the acquisition of 5 gigawatts (GW) of solar and wind power plants development license (pipeline) by October.
Hanwha Q Cell, which is part of Hanwha Solutions’ green energy division, currently holds 10 GW of renewable energy business rights worldwide.
When the acquisition of RES France is completed, only business rights in Europe will be increased to 10GW. By global standards, it will increase to 15GW.