en.Wedoany.com Reported - Chrysalis Renewables LP has completed the acquisition of the Atlas V and Atlas VI solar projects in Arizona, marking its first transaction under a strategic partnership framework with Hanwha Renewables LLC.
The acquired solar capacity totals approximately 357 MWdc, forming part of the multi-phase Atlas Energy Park development in La Paz, Arizona. The park is one of the largest utility-scale renewable energy clusters in the United States. Both projects are in the final stages of commissioning and are expected to achieve commercial operation within the coming months.
Chrysalis Renewables was established by Morrison, a global infrastructure investment management firm, as a dedicated renewable energy investment platform. Morrison's portfolio spans energy transition, transportation, and digital infrastructure assets, with approximately $30 billion in assets under management. The platform focuses on acquiring ready-to-build and operational projects to accelerate deployment while maintaining strict risk-adjusted returns.
This transaction is the first execution under the partnership framework between Chrysalis and Hanwha, announced in February 2026. The collaboration aims to establish a repeatable M&A framework, enabling Chrysalis to acquire renewable energy assets developed by Hanwha that meet predefined investment criteria. In return, Hanwha provides integrated development and delivery capabilities throughout the project lifecycle, covering project development, engineering, procurement, and construction (EPC), solar module supply, asset management, and long-term operations and maintenance (O&M).
The Atlas V and Atlas VI projects are supported by 15-year "busbar" power purchase agreements with Southern California Edison, with power delivered to the California Independent System Operator (CAISO) market. The long-term contracts provide revenue visibility, underpinning the financial stability of the assets. These projects utilize domestically produced solar modules manufactured by Qcells, a subsidiary of Hanwha Group, at its Georgia manufacturing facility. Qcells is also responsible for EPC execution, reinforcing an integrated supply chain approach and reducing exposure to global trade and tariff risks.
According to Morrison Partner Gordon Hay, this acquisition brings Chrysalis's total generation capacity to approximately 700 megawatts. The partnership enhances portfolio diversification, providing access to low-risk renewable energy assets backed by strong development and execution capabilities. Rich Chung, Chief Investment Officer of Hanwha Renewables, noted that the transaction demonstrates the advantages of Hanwha's integrated renewable energy platform, which covers the full value chain from development to long-term asset management.
Under the partnership framework, Chrysalis plans to deploy over 3.5 GW of solar and battery energy storage systems (BESS) in North America during the initial phase, with potential expansion into other markets such as Japan, Australia, and Italy. This transaction reflects the industry trend toward vertically integrated renewable energy investment platforms, combining institutional capital, development expertise, and manufacturing-backed EPC capabilities to reduce project execution risk while accelerating large-scale clean energy deployment.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
