Hanwha Group establishes a new and renewable energy joint venture in the US with Total, a world-renowned energy company.
▲ Hanwha Group establishes a new and renewable energy joint venture in the United States with Total, a global energy company. 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.
France Total is a global energy company that has secured an unrivaled position in the value chain across the global energy market.
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 refinery, to jointly promote the development and operation of solar power projects in the US market. This is the purpose of actively preoccupying the US market by combining the business capabilities preemptively built by Hanwha Energy and the capital power of global companies.
Total establishes a joint venture by jointly investing in a business right owned by ‘174 Power Global’, a solar energy business corporation, which is a wholly-owned subsidiary of Hanwha Energy in the United States.
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 is possible.” “We will expand strategic cooperation in the US renewable energy market in the future.” .
The two companies will establish a joint venture that operates solar power generation 1.6GW and ESS 720MWh and invest 50% of each, and 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.
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 said, “We plan 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.”
“The establishment of this joint venture is the first step towards achieving 35GW of renewable energy generation capacity globally by 2025, with Total becoming a leading developer of new and renewable energy 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.”