September 14 (Renewables Now) - The renewables arm of South Korea’s Samsung C&T Corp (KRX:028260) on Thursday unveiled a deal to offload a 3-GW portfolio of solar and energy storage projects under development in Texas to US-based Sunraycer Renewables.
The bundle being sold consists of six photovoltaic (PV) projects with a combined capacity of 1 GW and nine energy storage schemes totalling around 2 GW. All of them are currently in the early and mid-term development stages.
The proposed capacity will be installed across 6,100 acres (2,470 hectares) in southern Texas and is expected to be energised between 2025 and 2026.
Samsung C&T Renewables plans to assist renewable energy developer and investor Sunraycer with the development of the projects and during the permitting process. The vendor explained that the divestment is aligned with its strategy to grow its business and form strategic partnerships in the US renewable energy market.
Under the arrangement, the South Korean company, part of conglomerate Samsung Group, and Sunraycer, will pursue further cooperation initiatives in the US in the future.