Promoted through the US subsidiary 174 Power Global
1.6GW scale…plan for future business expansion
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Hanwha Energy will expand its solar power generation business in the United States with France Total, a global oil major.
Hanwha Energy announced on the 14th that it will establish a joint venture with Total in the US to promote a 1.6 gigawatt (GW) solar power generation project. This is a scale that can supply electricity to 300,000 households per year in six states. The joint venture will be jointly invested by Hanwha Energy’s 100% U.S. subsidiary, ‘174 Power Global’ and Total. 174 Power Global has a total of 10GW of photovoltaic power generation business rights, of which 1.6GW will be jointly developed with a total.
In addition to 174 Power Global, Hanwha Energy is conducting solar power generation business in the United States through Chariot Energy, a power retail business, and 174 Power Global Northeast, a commercial and industrial (C&I) solar power generation business. This joint venture was also concluded with a proposal from Total, which paid attention to Hanwha Energy’s solar power generation experience. Total is pursuing securing a total capacity of 35 gigawatts of renewable energy generation by 2025. Hanwha Energy plans to expand the joint business by additionally relocating some of the solar power business to a joint venture with Total.
In-seop Jung, CEO of Hanwha Energy, said, “We look forward to stable expansion and sustainable business in the US renewable energy market in a situation where market uncertainty is higher than ever due to Corona 19.” “Starting with this joint venture, We will expand our strategic cooperation.”
/ Reporter Han Jae-young [email protected]
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