Hanwha Energy teams up with France's Total in U.S.
Hanwha Energy has formed a joint venture with French energy group Total to spearhead a 2-trillion-won ($1.8 billion) photovoltaic project in the United States.
The joint venture, owned equally by each company, will develop 12 solar and energy storage projects with 1.6 gigawatts (GW) capacity in Texas, Nevada, Oregon, Wyoming and Virginia, according to a statement released Thursday.
When completed, the projects will be capable of providing electricity for over 300,000 households, according to Hanwha Energy.
Hanwha’s wholly-owned U.S. subsidiary 174 Power Global will work with Total on the energy projects, due to be fully operational between 2022 and 2024.
“Both 174 Power Global and Total have a strong understanding of one another’s business strategies and investment standards. This is a great partnership, and we are excited to work with the Total team and further our joint commitment to clean renewable energy and low-carbon investments,” said Henry Yun, CEO and president at 174 Power Global.
Total echoed those expectations.
“This transaction is a first significant step for Total in the U.S. utility scale solar market, in line with our 2025 ambition to achieve 35 GW of renewables production capacity worldwide,” said Julien Pouget, director of renewables of Total. “I am confident that this will pave the way to more opportunities in the U.S. renewables and storage market."
BY PARK EUN-JEE [email@example.com]