14 Sep 2023

Samsung C&T Inks Deal to Sell Solar Farms, ESSs in Texas

14 Sep 2023  by   

Samsung C&T Corp., South Korea's top builder, said Thursday it has signed a deal with a U.S. renewable energy firm to sell 15 photovoltaic power stations and energy storage systems (ESSs) under construction in Texas.

The deal calls for Samsung C&T Renewables, an American unit of the builder's trading division, to sell six solar parks and nine energy storage systems in the initial or middle stages of development to U.S. renewable energy developer Sunraycer.

The photovoltaic power stations and energy storage systems have a combined annual capacity of 3 gigawatts, which is enough for 600,000 households to consume per year.

Those facilities are being built on a 6,100-acre lot, which amounts to 3,450 soccer fields, Samsung C&T said.

Samsung C&T -- the construction arm of South Korea's top conglomerate, Samsung Group -- said it will also provide a series of development-linked services, including various evaluations and license acquisitions.

The financial terms of the deal were not disclosed.

Samsung C&T said Samsung C&T Renewables and Sunraycer will proceed with the development of the projects with the aim of starting commercial operations between 2025-26.

Samsung C&T said the deal will provide the company with a stable basis for further promoting its renewable energy business in the advanced market of America.

Samsung C&T has been redoubling efforts to become a major global player in the photovoltaic power generation sector.

The company aims to boost its total capacity of solar farms and ESSs in the United States and Australia to 25 GW by 2025 from the current 16.2 GW.


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