RES, one of the world’s largest independent renewable energy companies, has completed the sale of its development and construction business in France to Hanwha Solutions, following regulatory approvals and notifications. RES will retain its Support Service business in France – providing Asset Management and O&M services across a large wind and solar portfolio.
The sale signals a significant milestone for RES as the capital raised will support the company’s strategy to accelerate growth globally in its project development and construction activities as well as its increasingly prominent Support Services business. It currently supports over 7.5 GW of operational assets globally, providing a range of services. RES is the fifth largest wind asset manager in France, and they will continue to invest in their support services capability in the country together with their team, who currently manage over 800 MW of both wind and solar assets.
Gavin McAlpine, RES Chair, commented, “It is an exciting time in the renewables market and for RES. We see increasing opportunities across our business and in line with our strategy, we expect significant growth in our Support Services business as we apply RES’ heritage, unique culture and industry experience to meet our client’s objectives. We are looking forward to continuing to work with our former French colleagues and Hanwha Solutions”.