Chrysalis Renewables, a global renewables investment platform established by global infrastructure manager Morrison, has acquired the Atlas V and Atlas VI solar projects in the U.S. from Hanwha Renewables, a utility-scale solar and energy storage developer.

The Atlas V and Atlas VI solar projects have a combined capacity of approximately 357 MW. The projects are in the final stages of commissioning and are expected to reach commercial operation within the next few months.

The projects form the first two phases of the Atlas Energy Park development in La Paz, Arizona. The announcement described Atlas Energy Park as one of the largest renewable energy developments in the U.S.

The transaction is the first under the strategic partnership between Chrysalis and Hanwha Renewables, announced in February of this year. Under the partnership, Chrysalis will acquire projects from Hanwha that meet the agreed investment criteria.

Hanwha will support the projects through its development, engineering, procurement, and construction, module supply, asset management, and operations and maintenance capabilities.

Morrison Partner, Gordon Hay, said, “The acquisition of the Atlas projects marks an important milestone for Chrysalis, increasing its generation capacity to approximately 700 MW while significantly expanding its regional footprint. The transaction also advances Chrysalis’ portfolio diversification strategy by adding a generation profile that complements its existing assets.”

The solar projects are contracted under 15-year busbar power purchase agreements with Southern California Edison. The power will be supplied to the California Independent System Operator market.

Both projects use domestically produced solar modules supplied by Qcells, a Hanwha Group subsidiary, from its manufacturing facility in Georgia. Qcells is also providing engineering, procurement, and construction services for the projects.

Under the partnership with Hanwha, Chrysalis will initially target more than 3.5 GW of solar and battery storage projects in North America. The companies may expand the asset portfolio and geographic reach to Japan, Australia, and Italy over time.

According to Mercom’s Q1 2026 Solar Funding and M&A report, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

In 2026, Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy developer, signed an agreement to acquire a 49.99% stake in Madrid-based energy and petrochemical company Repsol’s 705 MW operational renewable energy portfolio in Spain.