Total invested in Hanwha Energy’s ‘174 Power Global’ business right
1.6GW solar power plant development in six US states… Supply of electricity to 300,000 households per year
(Seoul = Yonhap News) Reporter Mi-sook Seo = Hanwha Group, a domestic space satellite company, Setrec I[099320]Following the acquisition of shares in (Satrec Initiative), a new and renewable energy joint venture will be established in the US with Total, a global energy company.
The intention is to actively preoccupy the US market by combining the business capabilities preemptively established by Hanwha Energy and the capital power of global companies.
![A view of the solar power plant in Oberon 1A (194MW) in Texas, USA, developed and operated by Hanwha Energy (174 Power Global)[한화에너지 제공. 재판매 및 DB 금지]](https://i0.wp.com/img2.yna.co.kr/etc/inner/KR/2021/01/14/AKR20210114156651003_02_i_P4.jpg?w=560&ssl=1)
A view of the solar power plant in Oberon 1A (194MW) in Texas, USA, developed and operated by Hanwha Energy (174 Power Global)[한화에너지 제공. 재판매 및 DB 금지]
Hanwha Energy announced on the 14th that it was the first Korean company to set up a joint venture with France Total, a global oil refining company, to jointly promote the development and operation of solar power projects in the US market.
France Total is a global energy company that has secured an unrivaled position in the value chain across the global energy market.
The two companies will establish a joint venture by jointly investing in a pipeline owned by Total’s solar power business corporation ‘174 Power Global’, a wholly owned subsidiary of Hanwha Energy in the United States.
Currently, 174 Power Global is securing business rights for solar power generation 10GW (gigawatt) and energy storage device (ESS) 10GWh in the United States.
Among them, the two companies are planning to invest 50% of each by establishing a joint venture that operates 1.6GW solar power generation and 720MWh ESS. The total project cost of the joint venture is known to be 2 trillion won.
The joint venture will establish and operate 12 solar power plants in six US states. This is a scale that can supply more than 300,000 households in the United States annually.
Hanwha Energy currently operates a power retail business in Texas, including 174 Power Global,’chariot Energy’, and ‘174 Power Global Northeast,’ a commercial and industrial (C&I) solar power generation business in New York. Is developing, constructing, and operating solar power plants in the United States.
France Total, which achieved sales of $176.2 billion (approximately 195 trillion won) in 2019, set a goal of securing 35GW of renewable energy generation capacity by 2025, and this time it is reported that it proposed to establish a joint venture with Hanwha Energy. .
In response to the recent global climate change response and the demand for’carbon neutrality’, the company intends to expand its business from the existing oil-oriented business to the new and renewable energy fields such as solar power.
Hanwha Group and Total Corp. have built long-term trust through cooperation with Hanwha Total Petrochemical, a petrochemical company.
The two sides expected that the joint venture to be established will serve as a bridgehead for stable expansion and sustainable business in the US renewable energy market.
Hanwha Energy plans to further maximize the synergy effect by expanding the joint development business with Total by additionally transferring the US solar power business to a joint venture.
![Hanwha Group Chairman Seungyeon Kim[한화 제공. 재판매 및 DB 금지]](https://i0.wp.com/img3.yna.co.kr/etc/inner/KR/2021/01/14/AKR20210114156651003_03_i_P4.jpg?w=560&ssl=1)
Hanwha Group Chairman Seungyeon Kim[한화 제공. 재판매 및 DB 금지]
Hanwha Group is spurring new business expansion by establishing a joint venture with Total following Setrec I, a domestic space satellite specialized company, ahead of the return of management by Chairman Seung-yeon Kim next month.
Chairman Kim said at the New Year’s speech at the beginning of the year, “We must advance to become a true global leader in the fields of K defense, K energy, K finance, etc.” He said, “Please preempt the future growth opportunity for the world.”
Hanwha Energy CEO Jeong In-seop said, “Starting with the establishment of this joint venture, stable expansion and sustainable business in the US renewable energy market has become possible.” “We will expand strategic cooperation in the US renewable energy market in the future.” .
“The establishment of this joint venture is the first step toward achieving 35GW of renewable energy generation capacity globally by 2025, with Total becoming a leading renewable energy developer in the US market,” said Julien Fuje, Director of Total Renewable. ” “We will expand cooperation with Hanwha Group in the field of new and renewable energy in the long term.”
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2021/01/14 18:22 sent