Samsung C&T to Develop 700MW Solar Power Plant in Texas, USA
The Power Plant Construction is Scheduled for June Next Year... Commercial Operation Set for December 2023
[Asia Economy Reporter Gong Byung-sun] Samsung C&T is planning to build a 700MW (megawatt) solar power plant in Texas, USA.
According to major foreign media on the 24th, Samsung C&T has decided to construct a solar power plant in Milam County, Texas. The groundbreaking is scheduled for June next year, and commercial operation is expected by December 2023.
Milam County, the site of the power plant, is less than a two-hour drive from Samsung Electronics' Austin semiconductor foundry. Samsung Electronics is currently considering investing $17 billion (approximately 18.9 trillion KRW) to build an additional factory in Austin.
On the 19th, four school districts in Milam County signed an incentive agreement with 'Ben Milam 1·2·3,' a limited liability company subsidiary of Samsung C&T, regarding the direct and indirect employment and benefits related to the power plant construction.
Samsung C&T stated on the 25th, "Samsung Solar Energy, a subsidiary of the trading division's US corporation, is promoting the Texas Milam solar power project." A company official explained, "We have secured solar power plant sites across three zones totaling 6.6 million pyeong (approximately 21.8 million square meters) in central-west Milam County, Texas, and are pursuing permits and development."
Major foreign media reported that the total project scale of the Ben Milam project amounts to $673 million. However, Samsung C&T said the overall project scale is yet to be determined.
Some speculated that the solar expansion project was undertaken to supply power to Samsung Electronics' semiconductor factory due to the proximity, but Samsung C&T emphasized that it is unrelated to Samsung Electronics.
Meanwhile, Samsung C&T's trading division is focusing on renewable energy as a key growth driver and is expanding its business. Based on successful experience in renewable energy projects in Ontario, Canada, Samsung C&T is targeting the North American market.
In particular, in the US solar power market, the company is focusing on new asset development. They have been exploring various ways to expand their business base by securing and developing solar power development pipelines to increase asset value.
This year, they plan to concentrate on solar power project development in California and Texas while expanding into regions such as Georgia and Illinois. Expansion in the North American region is expected to open new markets.
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A company official explained, "From the project development stage, we are performing necessary roles before constructing the power plant, including securing sites required for solar power generation, grid connection, obtaining permits, and signing power purchase agreements (PPA)."
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