Renewables developer RES is targeting global growth for its development arm after completing the sale of its development and construction business in France to Hanwha Solutions.
South Korean Hanwha Solutions, parent company of module manufacturer Q CELLS, signed an agreement to purchase 100% of the equity interest of RES Méditerranée, also known as RES France. That deal has now closed after it was cleared by regulators.
RES France has a pipeline consisting of 5GW of utility-scale solar, onshore wind and storage projects.
UK-headquartered RES will retain its support service business in France that provides asset management and operation and maintenance (O&M) services across wind and solar projects.
RES said the proceeds from the sale will be used to “accelerate growth globally in its project development and construction activities as well as its increasingly prominent Support Services business”.
“We expect significant growth in our Support Services business as we apply RES’ heritage, unique culture and industry experience to meet our client’s objectives,” said RES chair Gavin McAlpine. “We are looking forward to continuing to work with our former French colleagues and Hanwha Solutions.”
South Korea-based module manufacturer Q CELLS said the proposed transaction reflects its strategy to expand its focus beyond solar to other renewable energy sectors, including onshore and offshore wind.
“The contemplated acquisition of RES France would lay the foundation for a rapid expansion of Q CELLS’ French renewable business and will diversify its European pipelines in a single stroke,” the company said in a press release at the time of the initial announcement.
Prior to the RES France deal, Q CELLS’ European pipeline has mostly been concentrated in the Iberian peninsula. Last year, the company secured 315MW of PV capacity in Portugal’s solar auction and acquired project development rights for around 1,370MW of Spanish solar through two separate deals with developer RIC Energy.