UPDATE 2 - RES keeping Support Services in France after Hanwha deal

UK-based renewables developer RES Group on Friday confirmed that it has agreed to sell its development and construction platform in France to Hanwha Solutions Corporation (KRX:009830), noting that the deal does not include the Support Services business.

The Korean diversified group last week announced the signing of an exclusivity and put option agreement (POA) to acquire 100% of the equity interest of RES Mediterranee SAS, also referred to as RES France at an enterprise value of EUR 700 million (USD 823.6m). Subject to signing a definitive agreement, Hanwha Solutions hopes to close the buy in October 2021.

A consultation process with the staff council in France has already been launched.

“Upon completion, the capital raised will help strengthen RES position as we look to accelerate the growth of the business globally by expanding our Development Portfolio and Support Services offering,” said RES Chairman Gavin McAlpine. The company’s remaining Support Services business in France employs more than 60 people.

Hanwha’s pipeline will add to its pipeline 2.3 GW of wind, 2.4 GW of solar PV and about 0.3 GW of energy storage assets with the deal.

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