Samsung C&T cashes in on Australia solar project

Samsung headquarters in southern Seoul (Yonhap)

Samsung C&T has sold the development rights for a large solar power and energy storage project in Australia to a UK-based energy group, marking its first profit from a solar project outside the US, the company said Wednesday.

Samsung C&T’s trading arm said it recently agreed to sell its Queensland solar and battery energy storage system project to the Australian subsidiary of Octopus Group. The transaction was carried out through Samsung C&T Renewable Energy Australia, the company’s local renewable energy unit. Financial terms were not disclosed due to a confidentiality agreement.

The Dunmore project site is located about 240 kilometers west of Brisbane and spans 5.38 hectares, roughly twice the size of Seoul’s Yeouido district. The project combines 300 megawatts of solar generation capacity with a 150-megawatt/300-megawatt-hour battery ESS, enough to supply electricity to about 60,000 households annually.

Octopus Australia said the acquisition comes as new renewable energy investment slows across the country, adding that the project will support long-term power supply contracts for large customers seeking stable, low-emission electricity. The firm counts the Australian government, European pension fund manager APG, and major Australian superannuation funds Rest and Hostplus among its investors.

Samsung C&T has focused on greenfield renewable projects, which involve securing land rights, grid connections and permits before selling development rights ahead of construction. While the company has generated steady profits from solar projects in the US since entering the market in 2018, this marks its first such monetization outside the country.

“Building on our US track record and this success in Australia, we plan to expand beyond greenfield development into joint projects and the operation of solar and ESS assets globally,” a Samsung C&T official said.