이 기사는 2021년 08월 12일 08:05 thebell 에 표출된 기사입니다.

Hanwha Solutions’ acquisition of renewable energy developer RES France is likely to give the company a foothold in the wind energy sector, diversifying beyond its core solar business.

The South Korean company on Monday announced its 984.3 billion won ($853 million) takeover of RES France, the French renewable business of UK-based RES Group. The transaction is expected to close in October.

The deal was aimed at expanding the company’s renewable energy business to include onshore and offshore wind power. RES France’s existing project pipeline of 5 gigawatts consists of solar projects of 2.4 gigawatts, wind farms of 2.3 gigawatts and energy storage systems of 0.3 gigawatts.

The company’s expansion into wind farms is in line with its focus on clean energy and will also help diversify its business portfolio beyond solar panels, industry watchers said.

Domestically, Q Cells, Hanwha Solutions’ clean energy division, entered into partnership with Korea Midland Power and Pyeongchang County, Gangwon Province, in November 2020 to build a wind farm with a total capacity of 40 megawatts in the city.

With the acquisition of RES France, Q Cells has gained a foothold in Europe where renewable energy thrives with backing from governments.

The global wind energy market is growing rapidly. According to the latest report on renewable energy from the Export-Import Bank of Korea, wind power capacity newly added in 2020 globally stood at a record of 96.8 gigawatts, up 59.2% year-on-year. Global wind power capacity is projected to increase to 4,100 gigawatts, or 20% of total global electricity, by 2050, which is only behind solar power capacity (8,000 gigawatts).

Q Cells’ entry into wind power will help reduce its reliance on the solar business, industry watchers said. Q Cells has assets of some 12.8 trillion won, accounting for nearly three-quarters of Hanwha Solutions’ total assets.

Q Cells’ profitability has deteriorated in recent periods. Hanwha Solutions’ chemical division reported the strongest quarterly operating profit of 293 billion won in the April to June quarter this year. But the company’s total operating profit was reduced to 221 billion won, due in large part to Q Cells’ bigger than expected operating loss of 64.6 billion won.


Q Cells recorded operating losses for three straight quarters from the fourth quarter in 2020, with cumulative operating losses of 81.9 billion won. (Reporting by Woo-chan Lee)