Hanwha Energy sells Spanish solar plant project to Irish firm

South Korean energy company Hanwha Energy Corp. said on Wednesday that it had sold a solar power plant project in Spain to Amarenco Solar, an Irish renewable energy developer.

The project, located in the Castilla y Leon region of Spain, has a capacity of 204 megawatts and was acquired by Hanwha Energy in July 2019. The construction was expected to begin this September with commercial operation set for August next year.

The solar power plant would generate enough electricity for about 109,000 households annually and cut greenhouse gas emissions by about 83,000 tons, equivalent to the emissions from 58,000 cars.

This is the second time Hanwha Energy has sold a solar project in Spain to Amarenco Solar. The first deal was for a 50-megawatt plant in Seville in November last year.

Hanwha Energy, a unit of South Korea’s Hanwha Group, has been expanding its presence in the European renewable energy market since setting up a Spanish subsidiary in 2018. It has been developing about 3 gigawatts of solar and energy storage projects in Spain, Italy and Ireland.

"The sale of the solar plant project showed Hanwha’s business capabilities and financial stability," said Kim Hee-cheol, chief executive of Hanwha Energy, adding Hanwha plans to diversify its renewable energy portfolio in Europe.

Write to Ik-Hwan Kim at lovepen@hankyung.com