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 utilising 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.
“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” said Morrison Partner, Gordon Hay. “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.”
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 3.5 GW 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.
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