Samsung C&T could potentially invest $673 million to develop solar power plants with a combined operating capacity of approximately 700 MW in Texas. Samsung Electronics is also considering building an additional plant in Austin by investing $17 billion. Four independent school districts in Milam County have approved separate incentive agreements with Ben Milam Solar 1, 2, 3 LLC, a subsidiary of Samsung C&T. These agreements cover the employment of workers for the development of these power plants. Commercial operations are scheduled to start in December 2023.
Samsung C&T’s trading division is expanding its renewable energy business in North America after the successful execution of its renewable power generation project in Canada. The United States government is also pushing to ensure that all power in the country is produced from sources that do not emit carbon, such as nuclear power or renewable energy by 2035.
Texas and other parts of the Central United States experienced a brutal freeze in February that left millions without power for days and caused natural gas and power prices in many regions to spike to record highs due to the freezing of gas pipes, power plants, and wind turbines. Earlier this month, the United States Energy Information Administration projected that Texas will add a record 10 GW of utility-scale solar capacity by the end of 2022, compared with 3.2 GW in California. 30 GW of utility-scale solar capacity is planned to come online in Texas in the next two years. This represents about 33 per cent of all planned utility-scale solar projects in the United States.