Renewable energy developer RES is targeting global growth in its development arm after finalizing the sale of its development and construction activities in France to Hanwha Solutions.
South Korean Hanwha Solutions, parent company of module maker Q CELLS, has signed an agreement to purchase 100% of the capital of RES Méditerranée, also known as RES France. This deal has now been concluded after being approved by regulators.
RES France has a pipeline made up of 5 GW of solar, onshore wind and large-scale storage projects.
RES, headquartered in the UK, will maintain its support services business in France which provides asset management and operations and maintenance (O&M) services for wind and solar projects.
RES said the proceeds from the sale would be used to “accelerate the global growth of its project development and construction business as well as its growing support services business.”
“We anticipate significant growth in our support services business as we apply RES’s heritage, unique culture and industry experience to achieve our clients’ goals,” said RES President, Gavin McAlpine. “We look forward to continuing to work with our former French colleagues and Hanwha Solutions. “
South Korea-based module maker Q CELLS said the proposed transaction reflects its strategy to expand its reach beyond solar to other renewable energy sectors, including onshore wind and offshore.
“The planned acquisition of RES France would lay the groundwork for a rapid expansion of Q CELLS ‘French renewable activities and diversify its European pipelines in one fell swoop,” the company said in a press release at the time of the announcement. initial.
Before the RES France agreement, Q CELLS ‘European pipeline was mainly concentrated in the Iberian Peninsula. Last year, the company secured 315 MW of photovoltaic capacity in a solar auction in Portugal and acquired the project development rights for approximately 1,370 MW of Spanish solar power through two separate agreements. with developer RIC Energy.