[THE INVESTOR] Samsung C&T, the construction and trading unit of Samsung Group, plans to build a solar power plant in California in a push to enhance its renewable energy business, The Bell reported on Aug. 29.
The report said the company’s US branch recently set up a new local unit Samsung Solar Energy 1 with initial funding of 2.5 billion won (US$2.20 million).
The company has reportedly wrapped up preliminary agreements with local partners and is now in search for a plant site with aims to start operations by the end of this year.
In 2010, Samsung C&T became the first Asian company to enter the US solar power market. The company joined hands with Pacific Gas & Electric in 2012 to construct a 50-megawatt power plant in Tulare County and a 20 megawatt power plant in Kings Country, which are both located in the northwest part of Los Angeles.
Along with the Electricity Authority under the Ontario Government of Canada, the company also operates a solar power plant with a combined capacity of 100 megawatt.
By Alex Lee (email@example.com)