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OCI Energy and Hyundai Engineering also entered into a MOU to develop renewables. Image: OCI Energy.
US solar developer OCI Energy has sold a 260MW solar PV plant in the US state of Texas to engineering company Hyundai Engineering.
Project Hillsboro is currently under development in Hill County, in the Electric Reliability Council of Texas (ERCOT) North load zone. Hyundai Engineering will take on the construction of the project, which is expected to be operational in the first quarter of 2027.
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The transaction also sets the stage for both companies to enter into a Memorandum of Understanding (MoU) for future collaboration on the development of renewable energy.
“We are very pleased that we have successfully acquired our first solar project in the US. This marks a significant milestone for our company as we venture into the renewable energy sector,” said Dongjoon Kim, vice president of Hyundai Engineering.
Formerly known as OCI Solar Power, the sale comes shortly after the company rebranded itself to OCI Energy, to reflect its interest in areas outside of the solar PV scene, including battery energy storage systems.
It is also the latest solar PV project sold by OCI Energy in its home state of Texas. Last year, the solar developer sold the 284MW Stillhouse solar project to Spanish firm Matrix Renewables, a project that is expected to start commercial operations in 2025. A few months prior to that transaction, the Texan developer sold a 110MW PV plant to Japanese conglomerate Mitsui USA, another project that is expected to begin operations in 2025.
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