Beyond solar | Korean giant Hanwha eyes green hydrogen and offshore wind with Q Energy
Asian conglomerate says wide-ranging clean energy business starts with 12GW and aims to become 'a leading European renewables company'
South Korean corporate giant Hanwha set out its stall as a major European renewable energy player with the launch of Q Energy, a new business targeting solar, wind – including offshore – and green hydrogen that aims to double in size from its 12GW launchpad within three years.
Berlin-based Q Energy combines the solar and wind track record of previously separate Hanwha Solutions-owned operations in Europe into a new entity aiming to be active in the full green energy value chain across development, EPC, O&M and generation as an independent power producer.
Q Energy’s ambitions notably extend beyond solar – Hanwha’s main renewables focus until now – into onshore and offshore wind, and green hydrogen projects.
“The coming three years will be dedicated to rapidly grow our company in all aspects to around double of its size today. We aim to build a leading renewable energy company in Europe,” said Q Energy CEO Sang Chull Chung,
Q Energy, which will operate as a sister company to Hanwha’s Q Cells PV module business, starts life with a 12GW development portfolio made up of 9.25GW of solar, 2.25GW of wind – including some offshore – and 500MW in storage spanning Portugal, Spain, France and Germany.
“Going forward, Q Energy will also engage in green hydrogen projects to expedite the maturing process of this pivotal technology for the energy transition in Europe,” said the company.