Korean Hanwha buys renewable energy specialist RES France

RES "has reached an agreement with Hanwha Solutions to potentially acquire its development and construction business in France," the company said in a statement posted on its website.

RES is one of the main players in renewable energies in France, particularly wind and solar, with projects in development which represent a total capacity of 5 gigawatts. In June, he again signed an energy supply contract with SNCF.

For its part, Hanwha has a wide variety of activities, like many Korean giants. It is present in chemistry, finance and, therefore, energy.

The amount of the transaction was not specified by RES but according to the Korean press, which cites regulatory documents, it represents 984,3 billion won, or about 730 million euros.

Hanwha had already taken over in 2021 the German Q-Cells, champion specialist in photovoltaic cells, then bankrupt. It is still under this name that the Hanwha subsidiary specializing in renewable energies operates.

"We look forward to seeing the flourishing continuity of the team in France under this envisioned new entity and the possibility of a partnership with Hanwha Solutions in the future," said RES President Gavin McAlpine.