South Korean industrial conglomerate Hanwha has set up a new firm — Q Energy— to target Europe’s renewables market, including onshore and offshore wind, energy storage and green hydrogen production.
It aims to double in size from its initial 12GW project pipeline within three years.
The move rebrands and groups together Hanwha’s European energy operations under a new holding firm based in Germany.
The firm comprises three units. The first is the holding company, Q Energy Solutions, headquartered in Berlin. Under that umbrella is the former power plant division of Hanwha Qcells, now rebranded as Q Energy Europe and based in Berlin, and Avignon-based Q Energy France, formerly RES' French renewables division, which Hanwha acquired in 2021.
The new group has 300 employees spread across six countries.
Q Energy has 2GW of completed solar and wind projects and 12GW of capacity under development, with 9.25GW in solar, 2.25GW in wind power and 500MW in storage.
This consists of 5GW in France – most of which was acquired from renewables developer RES – over 4GW in Spain, 2GW in Portugal and nearly 1GW in Germany.
Q Energy is looking to enter the Italian, UK and Dutch markets in the near term and is offering “integrated solutions in solar-PV, onshore and offshore wind, large-scale energy storage and hybrid power plants”, it stated.
It aims to operate across the value chain, “from green-field-development, to engineering, procurement and construction (EPC), to operations and maintenance (O&M), all the way to selling clean energy as an independent power producer (IPP)”, Q Energy CEO Sang Chull Chung explained. He added that Q Energy aims to double in size in three years and become Europe’s leading renewable energy company.
Further ahead, the firm is targeting a move into other European markets and into green hydrogen, which it sees as “pivotal” to Europe’s energy transition.