Hanwha Renewables and Chrysalis Renewables have agreed a strategic partnership to accelerate deployment of construction-ready and operational renewable energy projects worldwide.
Hanwha Renewables said Chrysalis will acquire projects ready for construction or already operating under a repeatable M&A framework, initially targeting more than 3.5GW of solar and battery storage in North America.
According to the companies, the partnership could expand into markets including Japan, Australia and Italy over time.
Gordon Hay, partner at Morrison, said: “Morrison’s collaboration with Hanwha is a significant step forward in the Chrysalis strategy: forging long-term partnerships with leading developers to access high-quality, de-risked renewable assets.”
Hay added: “By uniting Hanwha’s world-class project delivery with Chrysalis’s disciplined investment approach backed by Morrison’s expertise and resources, we are building an energy platform capable of delivering sustainable value and meaningful impact across key global energy markets.”
Hanwha said the partnership leverages Qcells EPC and its vertically integrated US solar manufacturing and project delivery capabilities, combined with Morrison’s renewable energy experience and Chrysalis’s long-term ownership model.
Rich Chung, chief investment officer at Hanwha Renewables, stated: “The scale and pace of the global energy buildout require platforms that align capital and execution from the outset.”
Chung added: “Together with Morrison and Chrysalis, we are building a platform that can serve as a model for how institutional capital and industrial capability can successfully work together to meet energy demand globally.”
The companies said the partnership is already advancing initial projects and complements Chrysalis’s existing work with Innagreen, through which it acquired assets including the Hilda and Bekevar wind projects in Canada.