Samsung C&T Signs Contract for Solar Power and ESS Development in Texas, USA
Strengthening Cooperation with US Renewable Energy Developers and Investors
Samsung C&T Renewables, the renewable energy subsidiary of Samsung C&T Corporation's trading division in the United States, announced on the 14th that it has signed a sale and development service agreement for a 3-gigawatt (GW) scale solar and energy storage system (ESS) project in Texas with Sunracer Renewables, a local renewable energy development and investment company.
Sunracer Renewables is a specialized renewable energy company that purchases renewable energy assets in the U.S. for joint development, investment, and operation. Samsung C&T secured site usage rights in the Texas area, and sold a total of 15 projects in early to mid-stage development (6 solar projects totaling about 1GW and 9 ESS projects totaling about 2GW) to Sunracer Renewables. It will also provide various evaluations and permit acquisition development services necessary before the solar power plants commence construction.
From the left, David B. Lilflorun, CEO of Sunracer Renewables, and Park Ho-chan, Vice President and North America General Manager of Samsung C&T Corporation's Trading Division, are taking a commemorative photo at the contract signing ceremony. /
The 3GW scale corresponds to the power capacity that can supply approximately 600,000 households annually based on U.S. standards. The total project area amounts to 6,100 acres (equivalent to 3,450 soccer fields), about 8.5 times the size of Yeouido (2.9㎢). Samsung C&T explained, "The significance of this contract lies in strengthening a stable business growth foundation by continuously establishing long-term cooperative relationships with local energy specialized companies across the advanced renewable energy market in the U.S."
The two companies will proceed with project development on a schedule that allows commercial operation to begin between 2025 and 2026. They also plan to increase cooperation in the U.S. market in the future.
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Meanwhile, Samsung C&T is diversifying its business portfolio from photovoltaic (PV) solar power to energy storage systems (ESS) and expanding its business scope and regions by establishing a renewable energy subsidiary in Australia. Currently, it aims to expand its solar and ESS pipeline from a total of 16.2GW (14.9GW in the U.S. and 1.3GW in Australia) to 25GW by 2025.
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