Hanwha Qcells’ power plant division Q ENERGY Europe has teamed up with newly rebranded Q ENERGY France to establish umbrella company Q ENERGY Solutions SE as it seeks to deepen its ties to the European market where it has a 12GW development portfolio.
Both companies shall operate under the umbrella of Berlin-based holding company Q ENERGY Solutions SE, which is a direct affiliate of South Korean conglomerate Hanwha Solutions Corporation, parent company of the Korean module maker Hanwha Qcells that has also recently undergone a rebrand in line with its shifting business model.
Both companies will also come with 1GW of existing renewables projects in Europe and the Group as a whole is active across Spain, France, Portugal, German, Italy, the UK and the Netherlands.
The new Group will have a 12GW development portfolio, consisting of 9.25GW of solar PV and 2.25GW of wind power as well as 500MW of storage capacity. The projects are spread across Portugal (2GW), Spain (more than 4GW), France (5GW) and Germany (close to 1GW), with “aims to further expand its regional presence in Europe to countries like Italy, the UK and the Netherlands in the near term”.
Moreover, Q ENERGY will also explore how to accelerate green hydrogen project deployment, calling the technology “pivotal” for Europe’s energy transition.
“Q ENERGY sets out to deliver holistic solutions across the entire value chain of renewable energy projects to our European partners – from green-field-development, to engineering, procurement and construction (EPC), to operations & maintenance (O&M), all the way to selling clean energy as an independent power producer (IPP),” said Sang Chull Chung, CEO of the Q ENERGY Group.
“The coming three years will be dedicated to rapidly grow our company in all aspects to around double of its size today.”
The company said the group would be “fully bankable as a member of Top-7 Korean enterprise Hanwha Group, which recently stated its plans to invest US$3.3 billion in solar and wind technology with the intention of creating a solar R&D hub in South Korea as part of a massive investment strategy focused on several industrial areas.