OCI Energy Co., a US subsidiary of South Korea’s OCI Holdings, has partnered with Israel’s Arava Power to develop a large-scale solar power plant in Texas through a newly formed 50-50 joint venture.
The SunRoper Project, to be built on 17,000 acres near Houston, will generate 260 megawatts of electricity, enough to power approximately 40,000 US households annually. Construction is expected to be completed in 2026, after which the partners will either operate the facility or sell it, dividing any profits equally.
The partnership allows OCI Energy to leverage Arava Power’s expertise in solar and energy storage development while contributing its knowledge of regulatory compliance, financial structuring, and power plant operations.
Both companies are positioned to capitalize on incentives provided by the Inflation Reduction Act, potentially receiving up to 40% of their investment back through a combination of the standard 30% investment tax credit and an additional 10% energy community bonus.
OCI Holdings Chairman and CEO Lee Woo-hyun noted that OCI Energy currently holds a 15% market share in Texas’ solar power sector. He indicated plans to expand beyond Texas this year to diversify revenue streams.
The Korean company has been active in the US solar market since 2011, completing more than 10 solar and energy storage system projects. The Texas venture represents its continued push into renewable energy as demand for clean power solutions grows.
Financial details of the investment were not disclosed.
