Samsung C&T, US Solar Project Sale and Development Package Contract

Bulk Contract Signing with US Private Power Generation Companies

Samsung C&T Renewables, the U.S. renewable energy subsidiary of Samsung C&T, announced on the 16th that it sold a 150-megawatt (MW) solar project located in Fayette County, south-central Illinois, to NorthStar Clean Energy (NSCE), a private power generation company in the U.S. NSCE is a private independent power producer (IPP) with approximately 2,000 MW of generation assets including wind, solar, natural gas, and biomass in the United States.

At the same time as the project sale, Samsung C&T signed a comprehensive Development Services Agreement (DSA) with NSCE to provide all remaining solar development services required until the power plant’s construction begins, including necessary evaluations and permits, securing a stable additional revenue stream. The total capacity of solar development service contracts signed this year reaches 3,000 MW.

Samsung C&T plans greenfield solar projects by securing land use rights and carrying out the development process, including power grid connection studies and obtaining all necessary permits. The company explained that it has diversified its solar business model by gaining recognition for its specialized expertise in the trading division focused on development.

View of a solar power plant complex in Ontario, Canada /
[Photo by Samsung C&T Corporation]

The company stated, "Based on the diverse experience and know-how gained from energy resource trading businesses, we are strengthening our eco-friendly business," adding, "The solar development business is meaningful as it is achieving visible results within this trend."

Since starting the largest renewable energy project in North America (1,369 MW) in Ontario, Canada in 2018, Samsung C&T has been expanding its solar development business in the U.S. Last year, the profit from sales was $48 million, and in the first half of this year, it recorded $27 million. The company is on the verge of reaching a cumulative $100 million.

The company is diversifying its business items from photovoltaic (PV) solar to energy storage systems (ESS), and last September established Samsung C&T Renewable Energy Australia, a renewable energy subsidiary in Australia, continuously expanding both its business items and regions. Currently, it holds a total pipeline of 16.4 gigawatts (GW) of solar and ESS projects including the U.S. and Australia. The goal is to increase this to 25 GW by 2025.

This content was produced with the assistance of AI translation services.