OCI sells Texas solar power plant to Con Ed for 227 million dollar

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OCI sells Texas solar power plant to Con Ed for 227 million dollar

The Korean solar energy developer OCI said Monday that it has sold its 106-megawatt solar power plant Alamo 7, which is currently being constructed in Texas, to American energy company Con Edison Development for $227 million.

“Through the sale, we plan to strengthen our fiscal soundness and plan on reinvesting in power plant construction in North America,” OCI Solar Power CEO Yoon Seog-hwan said.

The sale of the power plant was completed on Saturday.

According to the company, Alamo 7 is the second-largest solar photovoltaic power plant in the 450-megawatt Alamo project, which the San Antonio-based affiliate of OCI won the order for in 2012. The Alamo project is the biggest solar photovoltaic power plant project in the United States.

Construction on Alamo 7 started last year and is scheduled to be completed in September.

The payment from the sale of Alamo 7 is expected to help improve OCI’s books as it will be translated into operating profit.

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