Samsung C&T plans adding 700 MW of solar in Texas - report

Samsung C&T Corp (KRX:028260), part of South Korean conglomerate Samsung Group, intends to deploy 700 MW of solar photovoltaic (PV) capacity in Texas through a bunch of projects backing its coal-exit pledge, Reuters reports.

According to documents seen by the news agency, a unit of Samsung C&T will pour roughly USD 673 million (EUR 555.8m) to build several solar parks in Milam county, around 85 miles (137 km) away from the site of a chip production facility in Austin owned by Samsung Electronics Co Ltd. The construction is scheduled to commence in June next year, with the plants expected to be brought online in December 2023.

Samsung Renewable Energy is working through the approval process, a Samsung C&T official has told Reuters. The unnamed source has added that Samsung C&T intends to attract investment for the project on its own and is not discussing the matter with Samsung Electronics.

Samsung C&T last October announced it would no longer embark on any activities involving the construction and investment in coal-related projects. The company then adopted a plan to grow its sustainable portfolio by focusing on LNG combined cycle power plant and storage facilities, as well as renewable energy projects.

(USD 1.0 = EUR 0.826)

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