Samsung C&T sells 3GW solar energy project in US to local firm

Samsung C&T Renewables, the renewable energy corporation of South Korea's Samsung C&T Corp. in the US, announced on Thursday that it has signed a contract with Sunraycer Renewables for a 3GW solar and energy storage system (ESS) project in Texas.

The deal involves the sale and development of a total of 15 projects at varying stages of development across Texas. Samsung C&T will offer its expertise in assessments and permits required before the start of solar plant construction.

Sunraycer, a US-based renewable energy firm specializing in asset acquisition for joint development, investment, and operation, is set to take over these projects.

Currently, six of the projects are solar, with a combined capacity of around 1GW, and nine are ESS, totaling around 2GW.

The 3GW project, which has the potential to power approximately 600,000 US households for a year, spans an area of 6,100 acres, or nearly 25 square kilometers.

This partnership signals Samsung C&T's ongoing efforts to strengthen its foothold in the US renewable energy market.

Both companies aim to initiate commercial operations between 2025 and 2026 and plan for broader collaboration in the US market.

"The solar development business represents a significant expansion of the trading company's business model," a Samsung C&T source emphasized. 

Samsung C&T is diversifying its energy portfolio, extending from solar photovoltaics to ESS. It has projects totaling 16.2GW, including 14.9GW in the US and 1.3GW in Australia.

The company has set a target to increase its capacity to 25GW by 2025.

Write to Hyung-kyu Kim at khk@hankyung.com