RES has reached agreement with Hanwha Solutions to potentially sell the former’s development and construction interests in France.
RES and Hanwha Solutions have signed an exclusivity and put option agreement for the transaction and have initiated the consultation process with the staff council in France.
The transaction is also subject to customary regulatory approvals.
The capital raised from the sale would fund RES’ continued growth of its global business.
RES is retaining its support services business in France, consisting of over 60 people as it expands its asset management and operation and maintenance activities.
RES has built an experienced team of more than 250 people covering the whole territory through nine regional offices, including Avignon (pictured).
RES chairman Gavin McAlpine said: “Upon completion, the capital raised will help strengthen RES position as we look to accelerate the growth of the business globally by expanding our Development Portfolio and Support Services offering.
“We look forward to seeing the continued success of the team in France under the contemplated new ownership and the potential of partnering with Hanwha Solutions in the future.”
Q Cells is the renewable energy business unit of Hanwha Solutions.
Q Cells chief executive Hee Cheul Kim said: “Decisive actions can make a company much more sustainable and profitable.
“Thanks to the bold vision of Hanwha Solutions Corporation, this contemplated acquisition shows that Q Cells is willing to move boldly into the French renewable energy market and to make a significant contribution to the French energy transition, while also accelerating our transformation into a leading provider of total energy solutions that are delivered cleanly, sustainably and reliably.”
RES in France managing director Jean-François Petit said: “The sale process of RES’ Development and Construction activities in France has attracted extremely strong interest from many players in the sector, underlining the excellence and performance of our activities in the French market.
“We are very grateful to all our French teams who have been fully engaged during the last months to make this possible.
“This is a great opportunity to continue to build on this success with Hanwha Solutions, to accelerate our growth and consolidate our leadership position in the French market, upon completion of the transaction.”
RES was advised by Rothschild & Co on corporate finance and M&A, Linklaters on legal issues, DNV on technical aspects and PwC on finance and tax.