Samsung C&T has sold the rights to a solar power project of 200 megawatts (MW) to Hanwha Solutions. The sale comes after all preparatory work for the construction of the solar power plant was completed, suggesting that Samsung C&T disposed of the project to recover its investment.
According to the investment banking industry on March 19, Samsung Solar Energy2, LLC, a part of Samsung C&T America dealing with renewable energy, has sold the Ursa Solar, LCC project in the state of Wisconsin in the U.S. to the local subsidiary of Hanwha Solutions.
Samsung C&T transferred the solar power plant project rights to Hanwha Solutions after completing all pre-construction permitting work. The project includes an onsite substation, operations and maintenance (O&M) buildings, and a Battery Energy Storage System (BESS). The size of the transaction has not been disclosed.
The solar development project pursued by Ursa Solar is named Langdon Mills and will be located in the Springvale and Courtland townships of Columbia County, Wisconsin. Covering an area of 1,201 acres (about 4.86 million square meters), which is 1.7 times the size of the central Seoul-based island of Yeouido, the project is scheduled to start construction by the end of this year.
Once the development of Ursa Solar’s project is completed it is expected to produce 200 MW of electricity annually. In the solar industry it is generally estimated that a project of 200 MW generates revenue of about 20 billion won, with an operating profit margin of around 5%.
Meanwhile, Hanwha Solutions plans to invest a total of 3.2 trillion won in facility investments this year, a 32% increase from last year’s 2.423 trillion won. Of this, the solar business, including 2 trillion won in U.S. facility investments, will account for a total investment of 2.6 trillion won.