European Subsidiary Q-Energy and German Renewable Energy Company
Joint Solar Power Plant Project
Hanwha Solutions' European subsidiary Q Energy operates a wind power plant in France. Photo by Hanwha Solutions
[Asia Economy Reporter Donghoon Jeong] Hanwha Solutions is expanding its renewable energy development business in Europe. Amid the climate crisis and soaring electricity prices, the importance of 'energy security' has increased in Europe, and the company aims to rapidly grow as a 'total energy solution' provider by expanding eco-friendly businesses such as solar and wind power.
Hanwha Solutions announced on the 12th that its European subsidiary Q Energy is promoting a 500MW-scale solar power development project in collaboration with ENVIRIA, a German renewable energy development specialist company. Founded in 2017, ENVIRIA is a solar power development specialist headquartered in Frankfurt. It has successfully carried out more than 100 solar power development projects to date.
The two companies plan to jointly develop 38 solar power projects across Germany, each ranging from 2 to 70MW in scale. Hanwha Solutions will secure sites necessary for solar power generation and obtain government permits by utilizing ENVIRIA's local network. Subsequently, they plan to build solar power plants by 2025, either selling them or directly operating and selling the electricity.
This joint development project with ENVIRIA is Hanwha Solutions' first large-scale solar power development project in Germany. In the future, they plan to carry out various renewable energy development projects such as wind power and energy storage systems (ESS) throughout Europe.
Q Energy, a 100% subsidiary overseeing Hanwha Solutions' European energy business, was launched on the 1st of this month. After acquiring the French development specialist RES France last year, Hanwha Solutions secured development rights totaling 12GW in Europe and is conducting projects in Germany, France, Spain, Portugal, and other countries.
Jungsang Chul, CEO of Q Energy, said, "Europe is one of the fastest-growing renewable energy markets in the world," adding, "We will promote various development projects encompassing solar, wind, and ESS (energy storage systems) to grow into Europe's leading comprehensive energy business operator."
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