Samsung C&T Sells Australian Solar Project Twice the Size of Yeouido to UK Investment Firm

[Financial News] Samsung C&T Corporation has successfully monetized a solar and energy storage system (ESS) project in Australia, following similar success in the United States.
Samsung C&T Corporation announced on the 5th that it has sold a hybrid solar and ESS project in Dunmore, Queensland, Australia—built on a site twice the size of Yeouido—to Octopus Australia, a subsidiary of the United Kingdom-based Octopus Group.
In Dunmore, Samsung C&T Corporation built a 300 MW solar power plant and a 150 MW / 300 MWh battery energy storage system on a 538-hectare site, an area roughly double that of Yeouido. The facility can generate enough electricity to power about 60,000 households across Australia for a year.

Samsung C&T Corporation has focused on so-called greenfield project development within the solar and ESS value chain. Its business model is to secure profitability at the early development stage and then generate income by selling the power generation rights, a process that typically takes about three years. Since 2010, the company has developed large-scale wind and solar hybrid power complexes in Canada and continues to operate them. In particular, Samsung C&T Corporation entered the U.S. solar development market in 2018, marking a full-scale expansion of its renewable energy business. Since achieving its first monetization there in 2021, the company has accumulated approximately 300 million dollars (about 410 billion won) in gains from the sale of U.S. solar development projects.
Building on the success of its North American renewable energy business, Samsung C&T Corporation saw strong potential in the Australian market and established a renewable energy subsidiary in Australia in 2022. In addition to the Dunmore project, it is actively developing solar and ESS projects in regions such as Queensland and New South Wales. A Samsung C&T Corporation representative stated, "Based on our solid track record in U.S. solar projects and this latest achievement in Australia, we plan to expand our renewable energy portfolio beyond greenfield development to include joint development through global partnerships and the operation of solar and ESS power plants."

ehcho@fnnews.com Cho Eun-hyo Reporter