A unit of Samsung C&T is considering investing $673 million in building solar power plants in Texas, aiming to start commercial production in December 2023, documents reviewed by Reuters showed.
The solar facilities will be located in the Milam county, Texas, the documents showed. The county is less than a two-hour drive to Samsung Electronics' chip factory in Austin where the South Korean firm is considering building a new $17 billion chip plant.
With a combined capacity of about 700 megawatts, the solar power factories will start construction in June 2022, according to the documents.
A Samsung C&T official told Reuters that it is currently "proceeding approval procedures with the state" but there are no current discussions with Samsung Electronics regarding the project.
The appeal of solar and wind power is growing quickly as countries around the world transition from fossil fuels to cleaner renewable sources of power to stop global warming.
President Joe Biden's administration wants all U.S. power to come from non-carbon-emitting sources like nuclear and renewables by 2035. South Korean President Moon Jae-in on Thursday pledged to end all new financing for overseas coal projects and would soon set a more ambitious schedule for slashing carbon emissions.
Samsung C&T Corp in October said it decided to halt any new coal-related investments and projects.
Chipmakers like Samsung Electronics, Intel and TSMC have pledged to boost use of renewable energy to reduce their carbon footprint.
Chip manufacturing, which requires large amount of energy as well as gases and chemicals, accounts for most of the carbon output attributable to data centers and mobile phones, according to a research by Harvard University, Facebook Inc. and Arizona State University.
Samsung Electronics and other chipmakers earlier this year suffered from plant suspensions as a result of winter storm and power crisis in Texas.
(Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Michael Perry)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU