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PV Magazine:

South Korea-based solar module manufacturer Hanwha Q Cells has agreed to acquire French renewable energy developer RES Méditerranée (RES France) from U.K.-based company RES for €730 million.

The transaction, if finalized, would allow the Korean group to continue its expansion in Europe. Currently, it has a portfolio of renewable energy projects totaling nearly 10 GW worldwide, including around 5 GW in Europe, mainly concentrated in Spain. Considering that RES France owns projects with a combined capacity of more than 5 GW, the company’s European pipeline has more than doubled.

“This acquisition shows that Q Cells is ready to establish itself in the French renewable energy market and to make a significant contribution to the French energy transition while accelerating its transformation towards global, clean and sustainable energy solutions”, explained the group’s CEO, Hee Cheul Kim.

Q Cells said in a statement that France is one of the most attractive markets for renewable energy, due to its abundance of sun and wind, but also to a well-established tendering system. Moreover, it stated the transaction offers Q Cells the opportunity to expand into markets other than solar and to diversify its offering into onshore and offshore wind power.

[Gwenaelle Deboutte]

More: Hanwha Q Cells acquires a 5 GW project pipeline in France

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