- Acquisition of 357MW of solar power generation projects in Arizona
- Marks first transaction as part of the strategic partnership between Chrysalis and Hanwha, establishing a repeatable acquisition pathway
NEW YORK–(BUSINESS WIRE)–Chrysalis Renewables LP (Chrysalis), a global renewables investment platform established by US$30 billion global infrastructure manager Morrison, today announced the acquisition of the Atlas V and Atlas VI solar projects in the United States. The transaction marks the first under the strategic partnership between Chrysalis and Hanwha Renewables LLC (Hanwha).
Announced in February 2026, the partnership is designed to accelerate the deployment of high-quality, construction-ready and operational renewable energy projects through a repeatable M&A framework. Chrysalis will acquire projects from Hanwha that meet aligned investment criteria, while leveraging Hanwha’s integrated capabilities across development, engineering, procurement and construction (EPC), module supply, asset management, and operations and maintenance (O&M). Atlas V and Atlas VI represent the first projects delivered under this model.
Atlas V and VI have a combined capacity of approximately 357MWdc and are in the final stages of commissioning. They form the first two stages of the multi-phase Atlas Energy Park development in La Paz, Arizona – one of the largest renewable energy developments in the United States. The projects are expected to support domestic manufacturing, strengthen clean energy supply chains, enhance grid reliability, and reduce exposure to trade and tariff risks.
Morrison Partner, Gordon Hay, said: “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. The transaction also advances Chrysalis’ portfolio diversification strategy by adding a generation profile that complements its existing assets.
“By combining Hanwha’s strong project delivery capabilities with Chrysalis’ disciplined investment approach, and Morrison’s global expertise and resources, the partnership provides access to high-quality, de-risked renewable assets. We look forward to continuing our collaboration with Hanwha and pursuing attractive opportunities that will deliver long-term value for our investors.”
Rich Chung, Chief Investment Officer of Hanwha Renewables, added: “This transaction demonstrates the breadth and value of Hanwha’s integrated renewable energy platform. Hanwha affiliates are supporting the full lifecycle of these assets — from development, EPC, and domestic module supply to asset management and long-term O&M. That integrated model is central to Hanwha’s value proposition and increasingly differentiated in a market that demands supply chain certainty, construction capability, operating discipline, and alignment with long-term capital. We are proud to complete the first transaction under this framework and expect it to serve as a foundation for future collaboration with Chrysalis.”
The Atlas solar projects are contracted under 15-year “busbar” Power Purchase Agreements with Southern California Edison for supply into the California market (CAISO) and are expected to reach commercial operation within the next few months.
Both projects feature domestically produced solar modules supplied by Qcells, a subsidiary of Hanwha Group, from their Georgia manufacturing facility. Qcells is also providing EPC services, acting as a fully integrated delivery partner across the solar value chain.
Under its partnership with Hanwha, Chrysalis will initially target more than 3.5GW of solar and battery energy storage system (BESS) deployment in North America, with the potential to expand the asset portfolio and geographic reach, including to Japan, Australia, and Italy, over time.
About Morrison
Morrison is a leading global infrastructure manager, investing across the risk spectrum in both private and listed markets. Established in 1988, Morrison has over US$30 billion of assets under management as of 30 June 2025. Morrison’s purpose is to invest wisely in ideas that matter. Morrison believes the best investments serve an enduring societal need. It applies a specialist investment approach, refined over multiple decades and economic cycles, to invest in infrastructure for the 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.
About Hanwha Renewables
Hanwha Renewables, a wholly owned subsidiary of Hanwha Energy USA, is a U.S. utility-scale energy developer advancing solar and battery energy storage projects across key markets in North America. The company delivers investment-grade renewable assets through integrated project development, engineering, procurement, and construction (EPC) execution, and disciplined technical delivery. Guided by a vision to enable a world where innovative energy solutions power better living, Hanwha Renewables focuses on scalable projects that support grid reliability and long-term power system needs. www.hanwharenewables.com
About Qcells EPC
Qcells EPC provides complete utility-scale turnkey solutions through the entire project lifecycle from modules, solar and energy storage project development, and Engineering Procurement and Construction (EPC) services to the US utility-scale market. With a track record that includes 8.4 GW of sustainably produced module manufacturing capabilities in Georgia and nearly 2 GW of developed, constructed, and operating projects, Qcells USA is a dependable partner throughout the entire project lifecycle. Qcells EPC is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 7 business enterprise in South Korea. For more information, visit us.qcells.com/epc.
About Hanwha Convergence
Hanwha Convergence is a global renewable energy solutions company specializing in the operation and maintenance of utility-scale solar PV and Battery Energy Storage System (BESS) facilities. As the sole O&M provider within the Hanwha Solar Value Chain — alongside Hanwha Q Cells and Hanwha Renewables — and a proud member of Hanwha Group, a Fortune Global 500 company, Hanwha Convergence brings unmatched technical depth and financial stability to every project it undertakes. With 3.8 GW of PV and BESS assets currently under management across more than 70 sites worldwide, and powered by its proprietary energy integration platform HEIS 2.0, the company delivers 24/7 remote monitoring, predictive maintenance, and data-driven operational excellence that maximizes asset performance over the full project lifecycle. Headquartered in Georgetown, Texas, with offices in Irvine, California, Hanwha Convergence is committed to converging technology and field expertise to empower a cleaner, more reliable energy future. For more information, visit www.hanwhaconvergence.com/en.
Contacts
Media contact:
Nathaniel Garnick/Jonathan Warren
Gasthalter & Co.
T: (212) 257-4170
morrison@gasthalter.com
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