Hanwha Energy-related stock interest…佛’Total’ and solar power business promotion

Stock market related stocks are drawing attention as news that Hanwha Energy is jointly promoting the solar power business in the US market with the French oil refinery Total.

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Hanwha Energy itself is a privately held company. Related stocks include Hanwha, Hanwha Solutions, Hanwha Aerospace, and Hanwha Systems.

On the previous day, Hanwha Energy announced that it had set up a joint venture (Joint Venture) with French oil refinery Total to jointly promote the development and operation of solar energy in the US market. Hanwha Energy and Total each invest a 50% stake.

Total is a global energy company that achieved sales of 1762 billion dollars (about 195 trillion won) in 2019. TOTAL set the goal of securing 35GW of renewable energy generation capacity by 2025, and proposed the establishment of a joint venture with Hanwha Energy.

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.

174 PowerGlobal has secured the business rights of solar power generation 10GW (gigawatt) and energy storage system (ESS) 10GWh in the United States. Hanwha Energy plans 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 2 trillion won.

The joint venture will establish and operate 12 solar power plants in six US states. It can supply more than 300,000 households in the United States annually.

Hanwha is looking forward to this joint venture as Total has secured a dominant position in the value chain across the global energy market. This joint venture is expected to serve as a bridgehead for stable expansion and sustainable business in the US renewable energy market.

Since Hanwha Group is already jointly operating Hanwha Total, a joint venture between Total and Hanwha Total, a joint venture in the petrochemical sector, there is a high understanding of mutual business direction and investment tendency. In the future, Hanwha Energy plans to expand the joint development business with Total by transferring the US solar power business to a joint venture.

Hanwha Energy CEO Jeong In-seop said, “Starting with the establishment of this joint venture, stable expansion and sustainable business are possible in the US renewable energy market,” and “We will expand strategic cooperation in the US renewable energy market in the future.” .

Meanwhile, according to the Korea Exchange, on the previous day, Hanwha increased 1.15% (350%) won to 3700 won, and Hanwha Solutions finished the market at 55,000 won, up 0.90% (500 won).