Samsung C&T Renewables, a renewable energy development and investment company and the renewable energy corporation of South Korea’s Samsung C&T in the U.S., signed a contract for sale and development services for a 3 GW solar and ESS (energy storage system) project in southern Texas to Sunraycer Renewables. The portfolio sold consists of 15 projects, of which 1 GW is from six solar projects and 2 GW from 9 ESS projects.
All the projects are in the early and mid-term stages of development. The proposed capacity will be installed across 6,100 acres (2,470 hectares) in southern Texas and is expected to be energized between 2025 and 2026.
The two companies plan to develop the project with a schedule that allows commercial operation to begin between 2025 and 2026 and plan to expand cooperation in the U.S. market in the future.
Samsung C&T is diversifying its business focus from solar power (PV) to energy storage systems (ESS) and is expanding its business and regions, such as establishing an Australian new and renewable energy corporation. The company plans to expand its solar power and ESS pipeline, which currently totals 16.2 GW (14.9 in the US, 1.3 in Australia), to 25 GW by 2025.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Keppel MET Renewables (KMR), a renewable energy investment firm, recently acquired a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026.
