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Woohyun Lee, Chairman of OCI Holdings. (Photo=OCI Holdings) |
[Alpha Biz= Kim Jisun] OCI Holdings announced on Monday that its U.S. subsidiary, OCI Energy, has signed a joint venture (JV) agreement with Israeli solar power company Arava Power to establish the "SunRoper Project."
Arava Power is a leading developer and operator of solar power plants and energy storage systems (ESS) in Israel and the U.S. The two companies previously collaborated on a 200MW solar project in Uvalde County, Texas, in 2021.
The SunRoper Project involves the construction of a 260MW solar power plant on 6.93 million square meters (approximately 2.1 million pyeong) of land in Wharton County, south of Houston, Texas. The plant’s capacity is sufficient to supply daily electricity to approximately 60,000 households in South Korea.
Under the JV structure, OCI Energy and Arava Power will each hold a 50% stake. The companies aim to complete project development by the end of next year, after which they will jointly operate the plant and share proceeds from future sales.
OCI Energy plans to maximize project profitability by leveraging its expertise in permits, financing, construction, and operational management through the joint venture.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
