A view of the Oberon 1A (194MW) solar power plant in Texas, USA, developed and operated by Hanwha Energy (174 Power Global). Provided by Hanwha Energy
Hanwha Energy will establish a new and renewable energy joint venture in the U.S. in partnership with global energy company Total. The aim is to preoccupy the US market by combining the business capabilities preemptively built by Hanwha Energy and the capital power of global companies.
Hanwha Energy announced on the 14th that it was the first Korean company to set up a joint venture (Joint Venture) each owning a 50% stake with Total in France and agreed to jointly promote the solar power business in the United States.
According to Hanwha Energy, Total first reached out to secure new and renewable energy generation capacity in the US by 2025. Total praised the performance and development capabilities of Hanwha Energy’s 100% U.S. subsidiary, 174 Power Global, and proposed the establishment of a joint venture that jointly invests in the business rights held by 174 Power Global.
Hanwha Energy is currently developing photovoltaic power plants in the US through 174 Power Global,’Cherryot Energy’, which operates power retail business in Texas, and ‘174 Power Global Northeast,’ which operates commercial and industrial solar power business in New York ㆍConstruction and operation. Among them, 174 Power Global has secured business rights for solar power generation (PV) 10 gigawatts (GW) and energy storage devices (ESS) 10 gigawatt hours (GWh).
Hanwha Energy plans to develop and operate some of 174 Power Global’s photovoltaic power generation business rights (PV 1.6GW, ESS 20MWh) through a joint venture. This alone amounts to 2 trillion won in total business. The 12 solar power plants jointly installed in six US states can supply more than 300,000 households annually.
The two companies expect the joint venture to serve as a bridgehead for stable expansion and sustainable business in the US renewable energy market. In particular, Hanwha Energy plans to maximize the synergy effect by relocating the US solar power business to a joint venture and expanding the joint business with Total. Hanwha Energy CEO Jeong In-seop emphasized, “Starting with this joint venture, we will expand strategic cooperation in the US renewable energy market in the future.”
“The joint venture is the first step in achieving 35GW of renewable energy generation capacity in the US market,” said Julien Fuje, director of Total Renewable. “We will expand our long-term cooperation with Hanwha Group, We are very happy to contribute successfully.”
Kim Ji-seop reporter [email protected]
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