Hanwha Renewables, LLC (Hanwha) and Chrysalis Renewables LP (Chrysalis), a global renewables investment platform established by US$30 billion infrastructure manager Morrison, have announced a strategic partnership to speed up the deployment of construction-ready and operational renewable energy projects worldwide.
Targeting 3.5 GW in North America
Under the agreement, Chrysalis will acquire projects from Hanwha that are either ready for construction or already operational. The transactions will follow a repeatable mergers and acquisitions framework with aligned investment criteria.
Chrysalis will initially focus on deploying more than 3.5 GW of solar and battery energy storage system (BESS) projects across North America. Over time, the partnership may expand into other markets including Japan, Australia, and Italy.
Combining Capital and Project Expertise
Morrison Partner Gordon Hay said: “Morrison’s collaboration with Hanwha is a significant step forward in the Chrysalis strategy: forging long-term partnerships with leading developers to access high-quality, de-risked renewable assets.
“By uniting Hanwha’s world-class project delivery with Chrysalis’s disciplined investment approach backed by Morrison’s expertise and resources, we are building an energy platform capable of delivering sustainable value and meaningful impact across key global energy markets. We are excited for the attractive opportunities this partnership will create for growth, innovation, and the benefit of our investors.”
Hanwha, supported by its affiliate Qcells EPC, has built one of the largest solar manufacturing footprints in the United States. The company operates with vertically integrated capabilities, covering project development, engineering, procurement and construction (EPC), and long-term operations.
Long-Term Institutional Investment Model
Hanwha Renewables Chief Investment Officer Rich Chung said: “The scale and pace of the global energy buildout require platforms that align capital and execution from the outset. Our partnership with Morrison-backed Chrysalis reflects this conviction, bringing together Hanwha’s full-suite capabilities with long-term institutional capital through an evergreen framework.
“Together with Morrison and Chrysalis, we are building a platform that can serve as a model for how institutional capital and industrial capability can successfully work together to meet energy demand globally. We look forward to executing on our shared vision to accelerate investment, unlock new markets, and deliver enduring value across the global energy landscape.”
The partnership has already begun advancing its first projects, with further announcements expected. It represents the second pillar of the Chrysalis portfolio alongside its partnership with Innagreen, an affiliate of Renewable Energy Systems Limited (RES), through which Chrysalis acquired projects including the operational Hilda and Bekevar wind projects in Alberta and Saskatchewan, Canada.
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