All data are based on the daily closing price as of May 24, 2024

Samsung C&T Sells 200 MW Solar Project to Hanwha Solutions

The strategic transaction includes the Langdon Mills solar project in Wisconsin, promising significant annual electricity production
South Korea
s 028260.KO h 009830.KO Blue Chip 150 OM 60 Mid and Small Cap 2000
Share this on

Samsung C&T has finalized the sale of a substantial 200-megawatt (MW) solar power project to Hanwha Solutions, marking a significant transaction in the renewable energy sector. The project, known as Ursa Solar and situated in Wisconsin, USA, has been fully prepared for construction, with Samsung completing all necessary pre-construction work including permits, an onsite substation, and the integration of a Battery Energy Storage System (BESS).

The Langdon Mills project, spanning 1,201 acres in Columbia County, is anticipated to commence construction by year-end, promising to bolster the local renewable energy infrastructure significantly. The area dedicated to this solar venture is notably vast, surpassing the size of Seoul’s Yeouido island by 1.7 times. Upon completion, the project is poised to generate 200 MW of electricity annually, translating to an estimated revenue of about 20 billion won and an operating profit margin around 5%.

This sale aligns with Hanwha Solutions’ aggressive investment strategy in the solar sector, with the company allocating 3.2 trillion won for facility investments this year, highlighting a 32% hike from the previous year’s expenditure. A substantial portion of this investment is earmarked for the U.S. solar facilities, emphasizing Hanwha’s commitment to expanding its renewable energy footprint.

Samsung C&T’s decision to sell the project rights post-preparation suggests a strategic move to capitalize on its investment, shifting the developmental responsibilities to Hanwha Solutions, which is well-equipped to undertake the project’s next phases. This transition not only exemplifies the fluid dynamics within the renewable energy market but also underscores the growing emphasis on sustainable energy solutions globally.

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top