Chrysalis Expands Portfolio With Arizona Solar Asset
Chrysalis Renewables LP has acquired two utility-scale solar projects in Arizona in its first transaction under a strategic partnership with Hanwha Renewables LLC.
The deal includes the Atlas V and Atlas VI projects, with a combined capacity of approximately 357MWdc, located within the Atlas Energy Park development in La Paz, Arizona. The assets are in the final stages of commissioning.
The transaction establishes an execution framework designed to accelerate deployment of construction-ready and operational renewable energy assets through repeatable acquisitions between the two companies.
According to Morrison Partner Gordon Hay, “The acquisition of the Atlas projects marks an important milestone for Chrysalis, increasing its generation capacity to approximately 700MW while significantly expanding its regional footprint.” He added that the structure advances portfolio diversification by adding a complementary generation profile.
Hay also said the partnership “provides access to high-quality, de-risked renewable assets,” combining Hanwha’s delivery capabilities with Chrysalis’ investment approach and Morrison’s infrastructure expertise.
The assets are supported by 15-year “busbar” power purchase agreements with Southern California Edison, supplying power into the California ISO (CAISO) market.
From Hanwha Renewables, Chief Investment Officer Rich Chung said, “This transaction demonstrates the breadth and value of Hanwha’s integrated renewable energy platform.” He noted that the company supports the full lifecycle of assets, from development and EPC through operations and maintenance.
The projects use domestically produced modules from Qcells, part of Hanwha Group, which also provides EPC services.
The partnership targets more than 3.5GW of solar and battery storage deployment across North America, with potential expansion into additional international markets.
Source: businesswire.com
