Hanwha Renewables and Chrysalis Renewables enter strategic partnership

Under the terms of the partnership, Chrysalis will acquire projects from Hanwha that are ready for construction or already operational through a repeatable mergers and acquisitions (M&A) framework and aligned investment parameters. Chrysalis will initially target more than 3.5 GW of solar and battery energy storage system (BESS) deployment in North American projects, with the potential to expand the asset portfolio and geographic reach of the partnership with Hanwha, including to Japan, Australia, and Italy, over time.

Morrison Partner, Gordon Hay, commented: “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.”

Leveraging the Hanwha Group affiliate, Qcells EPC, Hanwha has established one of the largest solar manufacturing footprints in the US, supported by fully vertically-integrated capabilities spanning project development, engineering, procurement and construction (EPC), and long-term operations. By combining Hanwha’s industrial and project delivery platform with Morrison’s 30-year track record in renewable energy, global reach, and Chrysalis’s long-term ownership model, the partnership establishes a powerful platform for institutional capital to build a resilient, diversified portfolio of contracted renewable generation assets.

Rich Chung, Chief Investment Officer, Hanwha Renewables, added: “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 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 Chrysalis partnership with Hanwha is already advancing its initial projects, with further announcements to follow. The partnership represents the second pillar of the Chrysalis portfolio alongside its partnership with Innagreen, an affiliate of UK-based developer, Renewable Energy Systems Ltd (RES), through which it acquired certain projects developed by RES, including the now operational Hilda and Bekevar wind projects located in Alberta and Saskatchewan, Canada, respectively.

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