- 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
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 in 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.
