Samsung C&T forges deal with U.S. firm for 3 GW Renewable Energy Project in Texas

Samsung C&T forges deal with U.S. firm for 3 GW Renewable Energy Project in Texas

South Korean trading giant Samsung C&T Corp., which recently joined our French-Korean business network, announced that it has entered into an agreement with a U.S.-based renewable energy company, Sunraycer Renewables, to transfer ownership of 15 photovoltaic power stations and energy storage systems (ESSs) currently under development in Texas.

Under the terms of the deal, Samsung C&T Renewables, the American subsidiary of Samsung C&T, will sell six solar parks and nine energy storage systems to the U.S. renewable energy developer Sunraycer. These projects, which have a combined annual capacity of 3 GW, are sufficient to meet the energy needs of approximately 600,000 households on an annual basis.

These facilities are being constructed on an expansive 6,100-acre plot, roughly equivalent to the size of 3,450 soccer fields, as disclosed by Samsung C&T.

In addition to the transfer of assets, Samsung C&T will offer a range of development-related services, including assessments and licensing procurement, although the financial details of the agreement remain undisclosed.

Samsung C&T has revealed that both Samsung C&T Renewables and Sunraycer are planning to advance the projects with the goal of commencing commercial operations sometime between 2025 and 2026.

This partnership is anticipated to establish a solid foundation for Samsung C&T to further expand its presence in the American renewable energy market, which is considered highly advanced.

Samsung C&T has been intensifying its efforts to position itself as a key global player in the photovoltaic power generation sector. The company is targeting an increase in its total solar farm and ESS capacity in the United States and Australia, aiming to reach 25 gigawatts by 2025, up from the current 16.2 gigawatts.

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