Jungbu Power Successfully Secures Financing for Texas Solar Power Project
[Sejong=Asia Economy Reporter Kwon Haeyoung] Korea Midland Power successfully signed a financing agreement for the Elara solar power project in the United States.
According to Midland Power on the 11th, the Elara solar power project is a 130-megawatt (MW) facility to be constructed in Frio County, Texas, USA. It is scheduled to be completed in December and commence commercial operation.
The total project cost is approximately $200 million (about 230 billion KRW), with investors from both Korea and the United States participating. The financing is the first since the large-scale blackout in Texas caused by an unprecedented cold wave in February, demonstrating Midland Power's project capabilities, according to the company.
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Through the Elara project, Midland Power achieved the milestone of entering Texas, the largest electricity market in the United States, for the first time among power companies. The company also plans to focus on financing for the follow-up project, the Concho Valley solar power project.
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