Hanwha Solutions Corporation (KRX:009830), the parent of solar panels maker Q Cells, has wrapped up the takeover of RES Mediterranee SAS, which holds the French renewables development business formerly owned by UK-based RES Group.
The Korean diversified group made public its plan to acquire the said business, previously known as RES SAS or RES France, in August 2021. A presentation at the time showed that the deal for RES Mediterranee was agreed at an enterprise value of EUR 700 million (USD 814m).
The transaction has now been completed, having secured all necessary regulatory nods.
A notable aspect of the deal is that it doubles Q Cells’ clean energy project pipeline in Europe to about 10 GW, while adding, for the first time, wind projects to its ownership. Prior to the purchase of RES France, Q Cells' pipeline in Europe was mostly concentrated on the Iberian Peninsula, it pointed out.
“Hanwha Solutions continues to proactively – via its specialist business units – pursue every opportunity to expand its share and influence in renewable energy. In Europe in particular, this acquisition will create an exciting new frontier for clean energy business expansion – from large-scale projects in solar, on-shore and off-shore wind, and storage, right down to attractive green electricity options available to the average household or small business,” said Justin Lee, CEO of Q CELLS speaking on behalf of Hanwha Solutions.
As previously mentioned, RES will keep its Support Services business in France. The company said separately that the capital raised will support its strategy to step up growth around the world in its project development and construction activities and in said support services business.
(EUR 1.0 = USD 1.163)
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