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Hanwha Solutions Corp. is acquiring a 100 percent stake in French wind and solar power plant operator RES Mediterranee SAS for $860 million to enhance its presence in Europe’s renewable energy market.
The latest deal, which Hanwha seeks to close by the end of October, is part of the conglomerate’s aggressive move to nurture renewable energy among its key growth drivers.
The deal also marks the first time Hanwha invested close to one trillion won in the renewable energy sector.
RES Mediterranee is one of the top 10 renewable energy companies in France, operating five gigawatts of wind farms and solar parks.
Hanwha Solutions competed with the likes of Total and Germany’s RWE to clinch the deal.
RES Group claims to be the world’s largest independent renewable energy firm, having built projects with a total generating capacity of 21 GW across the globe. It has an operational asset portfolio of over 7 GW for clients.
The acquisition of RES Mediterranee will bring Hanwha's total renewable energy generation capacity to 15 GW.
