Hanwha Q Cells Co., a solar panel manufacturing arm of South Korea's Hanwha Solutions Corp., said on Wednesday that it sold its two large-scale solar power plant projects in Colorado and Virginia to ContourGlobal IPP, a private equity firm KKR subsidiary.
The solar projects that Hanwha Q Cell divested are a total of 446 megawatts (MW) and, when completed, will generate more than 845 gigawatt-hours of renewable electricity annually.
That's enough to power 80,000 U.S. homes.
The 324 MW plant in Colorado began engineering, procurement, and construction (EPC) in July last year and is expected to be completed and in commercial operation by 2026.
The 122 MW plant in Virginia will start construction in 2026 and is expected to be completed and commercially operational in 2027.
Hanwha Q Cells plans to continue to develop and EPC the power generation project after the sale of the projects.
The company will also acquire major equipment such as solar modules manufactured at the Solar Hub.
Solar Hub is North America's largest solar manufacturing base under construction in Georgia and will provide maintenance services after the plant is completed.
Write to Hyung-Kyu Kim at khk@hankyung.com
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