Chrysalis Renewables LP and Hanwha Renewables LLC have signed a strategic partnership to deploy over 3.5 GW of solar and battery storage, initially across North America. Under the structure, Morrison-backed Chrysalis will acquire construction-ready and operational assets from Hanwha through a repeatable M&A framework with aligned underwriting criteria.

The core shift is structural: this is not opportunistic deal flow. It is a programmatic acquisition channel tied to a vertically integrated developer with in-house EPC and long-term O&M capabilities.

That matters in a market where buyers are prioritizing de-risked portfolios and execution certainty. Assets like the 180 MW Oberon solar project in Texas, with existing PPAs such as the 30 MW ERCOT offtake to Chariot Energy, demonstrate the type of bankable profile institutional capital now demands.

By formalizing acquisition pathways at the construction-ready and operational stages, Chrysalis reduces pipeline risk while Hanwha secures capital recycling visibility. This aligns with broader M&A behavior in 2025, where investors favor RtB and operating assets over early-stage development.

The signal is clear: capital is consolidating around integrated developers who can deliver assets with grid access, EPC control, and contracted revenues. Repeatable frameworks are replacing one-off transactions.

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