Samsung C&T sells 150-MW solar power project in US

South Korea's Samsung C&T Corp. on Wednesday said its US-based green energy affiliate Samsung C&T Renewables sold a project for construction of a 150-megawatt solar power project in Fayette County, Illinois.

The buyer is the Ann Arbor, Michigan-based NorthStar Clean Energy Co. (NSCE), formerly CMS Enterprises.

Samsung C&T also signed a development services agreement with NSCE on the provision of photovoltaic development services such as evaluation and licensing needed before starting construction of a power plant.

Samsung C&T's solar power projects are mainly in the US under a system of building such a project early and selling it to another business there to monetize it. The company's profits from the sector shot up from $22 million in 2021 to $48 million last year and $27 million in the first half of this year, with cumulative sales profit from the American market nearing $100 million.

In September last year, Samsung C&T formed a renewable energy company in Australia and expanded its scope from photovoltaic power to energy storage systems (ESS). It has 16.4 gigawatts worth of solar power and ESS pipelines including 14.9 GW in the US and 1.3 GW Down Under, eyeing 25 GW by 2025.

Write to Jin-Woo Park at jwp@hankyung.com