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OCI to sell Alamo 6, a US solar power plant

Collected: 2016.12.06

Distributed: 2016.12.08

Source: Go Direct

Alamo 6

OCI Solar Power LLC, U.S. subsidiary of South Korea’s chemicals and energy company OCI Co., decided to dispose Alamo 6, a solar power plant among the Alamo project in the United States, at 451 billion won ($385 million) as part of efforts to improve its financial status.

In a regulatory filing on Monday, OCI said it has agreed to sell OCI Solar San Antonio 6 LLC. The sale has put an end to the Alamo project under which OCI has built solar power plants that could generate total 400 megawatts (MW) in San Antonio, Texas. The project was the largest solar power project in the U.S.

OCI tapped into solar power generation market after receiving the project in Texas. The Alamo project was named after the Alamo, shrine of Texas liberty.

OCI has built seven solar plants from 2012 to 2016 and signed a 50MW supply contract in October 2015. The company has sold its interest in 317MW plants except for Alamo 1, 2 and 4 (20 percent stake in total) and gained about 10 percent investment returns.

The proceeds from the asset sale will be used to beef up its financial footing and boost its efforts to exploit new market, OCI CEO Lee woo-hyun said.

By Jung Wook

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