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Samsung C&T to build solar plants in Texas

26 Apr 2021 (Last Updated April 26th, 2021 17:04)

Samsung Construction and Trading Corporation (Samsung C&T) is reportedly planning to build solar power plants in Texas with a $673m investment.

Samsung Construction and Trading Corporation (Samsung C&T) is reportedly planning to build solar power plants in Texas with a $673m investment.

According to documents reviewed by Reuters, the company aims to sell the clean energy generated by the power plants from December 2023.

The facilities will be developed in Milam County, Texas, at a site close to a chip factory operated by the company’s affiliate, Samsung Electronics.

Samsung Electronics is reportedly considering building another chip factory at its site for $17bn.

Construction works for the new solar facilities, whose combined capacity will be almost 700MW, are due to begin next June.

A Samsung C&T official told Reuters that Samsung Renewable Energy is ‘proceeding with approval procedures with the state’.

They added that there are currently no discussions with Samsung Electronics about the project, for which C&T aims to attract investment.

In October, Samsung C&T’s board of directors said the company would stop all new coal-related investments and projects.

The board also announced that the company would gradually withdraw from existing coal projects depending on their contract status.

The move was part of Samsung C&T’s environmental, social and corporate governance (ESG) strategy system, based on six non-financial areas. These were labour and human rights, environment and safety, co-prosperity, compliance, information security, and social contribution.

In June 2018, Samsung announced its intentions to become completely fossil-fuel free across its US, European and Chinese sites by last year.

The firm has said that all its factories, office buildings and operational facilities in these regions will adopt clean energy sources, with the scheme affecting 17 of its 38 manufacturing bases.