The French energy giant Total and 174 Power Global, a subsidiary of Hanwha Group, formed a 50:50 joint venture to develop a 1.6 GW project in the United States, including 12 utility-scale solar arrays and energy storage devices. These projects have been transferred from 174 Power Global’s development channels and are located in Texas, Nevada, Oregon, Wyoming, Virginia and Hawaii. The first project will start production in 2020, and the remaining projects are expected to be put into operation between 2022 and 2024.
The partners stated that the joint venture is based on the long-term cooperation between Total and Hanwha Group and combines 174 Power Global’s development experience in the United States with Total’s ten-year international work.
“This transaction represents an important first step for Total in its entry into the U.S. utility-level solar market, which is consistent with our grand blueprint for achieving global 35 GW of renewable energy production capacity by 2025.” Said Julien Pouget, Total Renewable Energy Director.
Hanwha Group was founded in 1952, and was named Korea Explosives at the time, and it was a large Korean enterprise group. Currently, the group’s business includes retail and financial services. In December, 174 Power Global, established in 2017, signed a seven-year dispatch agreement with ConEdison to jointly develop East River Energy Storage System, a 100-megawatt battery energy storage project in Queens, New York.