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Renewable energy investment platform Chrysalis Renewables has acquired the Atlas V and Atlas VI solar projects in Arizona, US.
The deal is the first under a partnership between Chrysalis, an arm of global infrastructure manager Morrison, and Hanwha Renewables, an offshoot of the Korean conglomerate Hanwha Group, under which Chrysalis acquires projects from Hanwha that meet its investment criteria, while drawing on the latter’s capabilities across development, engineering, procurement and construction (EPC), module supply, asset management and operations and maintenance (O&M).
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Atlas V and Atlas VI are the first projects to be delivered under the model. The two projects have a combined capacity of 357MWdc and are in the final stages of commissioning.
Located within the multi-phase Atlas Energy Park in La Paz, Arizona, the projects are expected to support domestic manufacturing, strengthen supply chains and improve grid reliability while reducing trade and tariff exposure.
The projects are contracted under 15-year direct wire, or “busbar”, power purchase agreements (PPAs) with Southern California Edison for delivery into California’s CAISO market and are expected to begin commercial operations in the coming months.
Qcells, also a subsidiary of Hanwha Group, supplied the domestically manufactured modules from its Georgia facility and is serving as EPC contractor.
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.”
The partnership between Chrysalis and Hanwha, announced in February 2026, aims to accelerate the deployment of construction-ready and operational renewable energy assets.
The initial focus is on more than 3.5GW of solar and BESS capacity in North America. The partners also plan to expand the portfolio into additional markets, including Japan, Australia and Italy.
In April 2026, Hanwha sold the 1.5GW Atlas North solar-plus-storage portfolio to Lydian Energy. The portfolio comprised four late-stage projects in the CAISO market, including more than 1GW of solar PV capacity and 450MW/1,800MWh of BESS.
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