Hanwha Energy to Establish Renewable Energy Joint Venture in the U.S. with France's Total

Reference image = Hanwha Energy USA Nevada (Boulder Project) Solar Power Plant

[Asia Economy Reporter Kim Hyo-jin] Hanwha Energy announced on the 14th that it has agreed to establish a joint venture with the global oil company France Total, becoming the first domestic company to jointly develop and operate solar power projects in the U.S. market.

Hanwha Energy and Total will establish the joint venture by jointly investing in the project rights (Pipeline) held by '174 Power Global,' Hanwha Energy's 100% subsidiary in the U.S. solar business.

Hanwha Energy plans to develop and operate through the joint venture, in which Total will invest 50% equity each, part of the solar power generation project rights held by 174 Power Global (total PV 10GW, ESS 10GWh), specifically PV 1.6GW and ESS 720MWh.

The 12 large-scale solar power plants to be installed across six U.S. states can supply annual electricity to more than 300,000 households in the U.S.

Hanwha Energy is currently developing, constructing, and operating solar power plants in the U.S. through 174 Power Global, 'Chariot Energy,' which operates power retail business in Texas, and '174 Power Global Northeast,' which operates commercial and industrial (C&I) solar power projects in New York.

They have secured large-scale project rights based on abundant performance and engineering capabilities.

France Total, which achieved sales of $176.2 billion (approximately 195 trillion KRW) as of 2019, reportedly proposed the establishment of this joint venture with Hanwha Energy to secure 35GW of renewable energy generation capacity by 2025.

In response to the global climate change efforts and demands for 'carbon neutrality,' Total aims to expand its business from oil-centered operations to renewable energy sectors such as solar power.

Both companies expect the joint venture to serve as a foothold for stable expansion and sustainable business in the U.S. renewable energy market.

Hanwha Energy plans to further transfer its U.S. solar business to the joint venture and expand joint development projects with Total to maximize synergy effects.

This content was produced with the assistance of AI translation services.