Samsung Renewable Energy plans to develop solar power plants in Texas

Samsung Renewable Energy plans to develop solar power plants in Texas

Samsung Renewable Energy, a division of Samsung C&T Corp., is considering plans to inject $673 million to set up solar power plants in the state of Texas, with an objective of selling electricity generated from these plans in the region starting December 2023.

Planned to be set up in Milam county, the plant will be located close to Austin where affiliate Samsung Electronics Co. Ltd. has a chip factory and which is seemingly planning to build another plant that will cost the firm around $17 billion.

Confirming the proposed plan, a Samsung C&T official said that Samsung Renewable Energy is looking to proceed with the approval procedures with the state of Texas. However, currently there are no discussions with Samsung Electronics about the planned project, for which Samsung C&T seeks to invite investment.

Conditioned to gaining approval, construction of the solar plants is likely to begin in June 2022 with a combined capacity of about 700MW.

The zest to help slow down global warming has encouraged countries worldwide to shift from fossil fuels to renewable energy sources, with solar and wind power being the most preferred options available.

Certain countries are making strong commitments towards achieving carbon neutrality. For instance, recently U.S. President Joe Biden's administration disclosed plans on sourcing the country's power from cleaner alternatives like renewable energy and nuclear by 2035. While South Korean President, Moon Jae-in, pledged to terminate new financing for coal projects that are located overseas as well as scheduled plans for slashing carbon emissions.

Some chip maker are also shifting their attention towards lowering carbon footprint. In October, Samsung C&T said it would pause new coal-related investments and projects. Whereas chipmakers like Intel Corp., Samsung Electronics, and Taiwan Semiconductor Manufacturing Co. Ltd. pledged on boosting the use of renewable energy to limit their carbon footprint.