Hanwha Solutions to hand over RES France shares to its German unit Move aims to enhance management efficiency as Korean firm seeks expansion in Europe
Translated by Ryu Ho-joung 공개 2021-12-29 08:23:12
이 기사는 2021년 12월 29일 08:14 thebell 에 표출된 기사입니다.
Hanwha Solutions will hand over shares in RES Mediterranee SAS, which it acquired earlier this year, to its German subsidiary in a strategic move to enhance management efficiency as the South Korean company continues to expand into the European renewable energy market.About 3.13 million shares in RES Mediterranee SAS worth approximately 1 trillion won ($845 million) owned by Hanwha Solutions will be contributed to its wholly owned German unit, Hanwha EU ENERGY Solutions SE, in exchange for 10 million new shares issued by the German subsidiary, according to a regulatory filing on December 23.
The decision was made to enhance management efficiency of its European power generation assets, the company said. The transaction is expected to close on January 24, 2022.
Germany is at the center of Hanwha Solutions’ push into the European renewable energy market. The company’s green energy division, Hanwha Q Cells, launched its Q.ENERGY service – which delivers electricity generated from 100% clean energy sources to customers across Germany – a year ago and now has more than 100,000 household customers for the service.
Hanwha Solutions has a solar project pipeline of around 5 GW in the Iberian Peninsula countries including Spain and Portugal. It also broke ground to build a 50 MW solar power plant in southern Spain.
The takeover of RES Mediterranee SAS, commonly known as RES France, by Hanwha Solutions in August marked the company’s further foray into Europe. By acquiring RES France, the company’s total project pipeline in Europe increased to 10 GW.
RES France, with its strength in greenfield development, is one of the top 10 renewable energy companies in the European country. It engages in the development and construction of renewable energy projects including onshore and offshore wind farms.
Hanwha Solutions is expected to benefit from a growing emphasis on renewable energy by European countries. In July the European Union adopted the 'fit for 55' package, under which the 2030 target for renewables from 32% of its energy mix to 40%. (Reporting by Kwang-ho Lee)
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