Hanwha Renewables and Morrison-backed Chrysalis Renewables Announce Strategic Partnership to Accelerate Renewable Energy Development

Global partnership to target more than 3.5GW of solar and BESS deployment

NEW YORK--(BUSINESS WIRE)--Hanwha Renewables, LLC (Hanwha) and Chrysalis Renewables LP (Chrysalis), a global renewables investment platform established by US$30 billion global infrastructure manager Morrison, today announced a strategic partnership to accelerate the deployment of high-quality, construction-ready and operational renewable energy projects worldwide.

Under the terms of the partnership, Chrysalis will acquire projects from Hanwha that are ready for construction or already operational through a repeatable M&A framework and aligned investment parameters. Chrysalis will initially target more than 3.5GW 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 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.”

Leveraging the Hanwha Group affiliate, Qcells EPC, Hanwha has established one of the largest solar manufacturing footprints in the United States, 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.

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 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 Limited (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.

About Hanwha Renewables
Hanwha Renewables, a wholly owned subsidiary of Hanwha Energy USA, is a renewable energy platform focused on utility-scale solar and energy storage project development and delivery, particularly in North America. The company is purpose-built to advance Hanwha Group’s clean energy ambitions by designing, building, and managing renewable energy solutions at scale. It brings global renewable energy leadership and development expertise to its North American operations.

About Morrison
Morrison is a leading global infrastructure manager, investing across the risk spectrum in both private and listed markets. Established in 1988, we have over US$30 billion of assets under management as of 30 June 2025. Our purpose is to invest wisely in ideas that matter. We believe the best investments serve an enduring societal need and we apply a specialist investment approach, refined over multiple decades and economic cycles, to invest in infrastructure for a modern economy.

For more information, visit: www.morrisonglobal.com

About Chrysalis Renewables
Chrysalis is a global operating renewables investment platform established and managed by Morrison that seeks to acquire a diversified portfolio of operational and construction-ready wind, solar and storage assets through a single, scalable vehicle. Chrysalis leverages Morrison’s sector specialists and adopts an asset selection strategy that is designed to deliver an attractive investment profile by selecting high-quality projects globally that have complementary features, seeking to create structured diversification of risk across its portfolio.

To build its portfolio, Chrysalis seeks to structure strategic partnerships with a highly select group of top-tier developers to create repeatable M&A opportunities and aligned value creation.