Seoul: Hanwha Qcells, the renewable energy arm of Hanwha Solutions Corp., announced on Wednesday the sale of two solar power development projects in the United States to Contour Global, a company under the ownership of Kohlberg Kravis Roberts (KKR).

According to Yonhap News Agency, the two solar power projects are located in Colorado and Virginia. These projects have been transferred to Contour Global, an independent power producer that is part of KKR, the world's largest private equity fund. Despite the sale, Hanwha Qcells will maintain its role in the engineering, procurement, and construction of the solar power plants.

The financial details of the transaction were not disclosed by Hanwha Qcells. Once operational, the combined capacity of the two solar power plants is expected to generate 845 gigawatt-hours of electricity annually, sufficient to power 80,000 households.

Contour Global, the acquirer, is a Britain-based independent power producer. Hanwha Solutions, the parent company of Hanwha Qcells, operates as a renewable energy services and chemicals provider under the larger Hanwha Group, which spans industries from chemicals to shipbuilding.