UPDATE - Hanwha Solutions seeks to buy RES France at EV of EUR 700m

Image by: Renewable Energy Systems (www.res-group.com).

August 9 (Renewables Now) - Hanwha Solutions Corporation (KRX:009830) is looking to buy RES Mediterranee SAS at an enterprise value of EUR 700 million (USD 828.5m), according to a presentation released by the Korean diversified group.

As previously announced, Hanwha Solutions has signed an exclusivity and put option agreement (POA) to take over the French business of UK-based renewables developer RES Group in a drive to expand geographically in France and to enter the wind power market.

Subject to signing a definitive agreement, Hanwha Solutions hopes to close the acquisition of RES France in October 2021.

Acquiring the French company will bring in 2.3 GW of wind, 2.4 GW of solar PV and about 0.3 GW of energy storage assets to Hanwha’s own pipeline.

(EUR 1.0 = USD 1.184)

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