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Korea nabs $450 million solar power project in Texas

A “team” of six Korean private and public entities has won a 600 billion won ($450 million) contract to build a solar power plant in the U.S. state of Texas.

The group, which calls itself “Team Korea,” recently signed a deal with Austin, Texas-based High Road Energy Marketing for the right to build a 459-megawatt solar power plant in Concho County, central Texas, the companies said Sunday.

The six companies making up Team Korea are the Korea Overseas Infrastructure and Urban Development Corporation (KIND), SK ecoplant, Hyundai Engineering and Construction (E&C), Topsun, EIP Asset Management and Global Plant, Infrastructure and Smart City, also known as the PIS fund.

EIP Asset Management won the exclusive right for the project in June, with the other five parties joining the project via individual investments, the amounts of which were not disclosed. Details about the stakes each company holds have also not been declared.

The 459-megawatt solar power plant, to be situated on an 11.74-million-square-meter (2,901-acre) site in Texas, will produce around 852 gigawatt-hours of electricity annually, enough for 240,000 households, or 1 million people.

Ground will be broken at the beginning of 2024, and the plant will run for 35 years. The electricity output will be sold to global companies, including technology firms.

Source : Korea Joongang