이 기사는 2021년 08월 11일 08:02 thebell 에 표출된 기사입니다.

Hanwha Solutions, part of South Korean conglomerate Hanwha Group, is set to acquire a French renewable energy firm as part of its efforts to expand its renewable energy presence in Europe.

The company has agreed to acquire 100% of RES Mediterranee in a 727 million euro ($853 million) cash deal, according to a regulatory filing on Monday. The transaction is expected to close in October.

RES Mediterranee, also referred to as RES France, is the French business of UK-based renewables developer RES Group. The company, with its strength in greenfield development, engages in the development and construction of renewable energy projects including onshore and offshore wind farms, photovoltaic plants and energy storage systems.

Hanwha Solutions’ solar panel division Q Cells has a 10 gigawatt renewable project pipeline. By acquiring RES France, whose project pipeline in France amounts to 5 gigawatts, the company’s total project pipeline will increase to 15 gigawatts.

“The acquisition of RES France will help Q Cells strengthen its presence as a comprehensive energy solution provider,” Hanwha Solutions said in a press release. “The deal will bring our renewable project pipeline to 15 gigawatts globally and enable us to expand our business to include wind farms.”

The deal came after continued fundraising by the company in the past months. Hanwha Solutions raised 1.35 trillion won ($1.17 billion) in a rights issue at the end of last year after announcing a plan to transform itself into a renewable energy solution company.

The company issued a 1 billion yuan ($154.2 million) green bond in April this year, and also secured a 5 trillion won commitment from the state-controlled Korea Development Bank in May to finance its eco-friendly energy business over the next five years.

“France is one of the largest renewable energy markets as it aims to boost the share of renewables in its energy mix to 40% by 2030 from the current 22%,” said Q Cells in a press release. “We will use the deal as a springboard to expand our renewable energy presence into other European countries beyond France.” (Reporting by Ki-soo Park)