A US$30 billion infrastructure giant has just backed a partnership to bring 3.5GW of solar and energy storage to North America.
Hanwha Renewables and Chrysalis Renewables have partnered to accelerate the deployment of construction-ready and operational renewable energy projects worldwide, with an initial focus on more than 3.5GW of solar and battery energy storage systems (BESS) in North America.
The partnership establishes a repeatable M&A framework through which Chrysalis Renewables, a global renewables investment platform managed by US$30 billion infrastructure manager Morrison, will acquire projects from Hanwha that are ready for construction or already operational.
The collaboration includes potential expansion to Japan, Australia and Italy over time.
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Morrison partner Gordon Hay described the partnership as “a significant step forward in the Chrysalis strategy: forging long-term partnerships with leading developers to access high-quality, de-risked renewable energy assets.”
Hanwha brings manufacturing and development capabilities to the partnership through its affiliate, Qcells EPC, which, it claims, has established one of the largest solar manufacturing footprints in the US. Qcells EPC just signed a 5GWh battery storage deal with LG Energy Solution Vertech, the US system integrator subsidiary of battery maker LG Energy Solution (LG ES), which, like Hanwha Group, is headquartered in South Korea.
Qcells EPC operates with fully vertically integrated capabilities spanning project development, engineering, procurement and construction, and long-term operations.
Hanwha Renewables operates as a wholly owned subsidiary of Hanwha Energy USA, focusing on utility-scale solar and energy storage project development and delivery in North America.
The company serves as the vehicle for advancing Hanwha Group’s clean energy objectives through large-scale renewable energy solutions.
Hanwha Group, established in 1952, operates as a diversified conglomerate with businesses spanning aerospace and defence, chemicals and materials, finance, and renewable energy.
Rich Chung, chief investment officer at Hanwha Renewables, emphasised the strategic importance of aligning capital and execution capabilities.
“The scale and pace of the global energy buildout require platforms that align capital and execution from the outset,” Chung said.
“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.”
The strategic framework enables institutional capital to build diversified portfolios of contracted renewable energy generation assets through what the partners describe as an “evergreen” investment model.
This approach aims to provide ongoing opportunities for project acquisition and development rather than single-transaction arrangements.
The partnership represents the second major pillar of Chrysalis’s portfolio strategy. The platform previously established a partnership with Innagreen, an affiliate of UK-based developer Renewable Energy Systems Limited, through which it acquired projects including the operational Hilda and Bekevar wind projects in Alberta and Saskatchewan, Canada.
Chrysalis operates as a global platform that acquires operational and construction-ready wind, solar, and storage assets through strategic partnerships with select developers.
The platform’s strategy focuses on creating structured diversification across its portfolio by selecting projects with complementary features across different markets and technologies.
Hanwha’s collaboration with Chrysalis adds to the company’s expanding presence in the energy storage sector. Last year, Hanwha signed a battery energy storage supply agreement with Ark Energy for a 2,200MWh co-located system in Australia. Australia is one of the countries that this partnership could expand to.
The partnership has already started advancing its initial projects, with the companies indicating that further announcements will follow as the collaboration develops.
The Energy Storage Summit USA will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount. For complete information, visit the Energy Storage Summit USA website.
