Latest news with #OCIEnergy
UPI
27-05-2025
- Business
- UPI
CPS Energy cooperates with South Korea's OCI, LG
The Texas-based CPS Energy announced plans to cooperate with South Korea's LG and OCI Energy. File Photo by James Atoa/UPI | License Photo SEOUL, May 27 (UPI) -- Texas-based CPS Energy plans to team up with two South Korean companies to collaborate on a large-sized energy storage system project. OCI Holdings announced Tuesday that its U.S. subsidiary, OCI Energy, signed a three-party memorandum of understanding with CPS Energy and LG Energy Solution. Under the agreement, OCI Energy is set to secure ESS batteries from LG Energy Solution. With them, it will store solar energy generated during the day and sell the electricity to CPS Energy. As one of the largest municipally owned electric and natural gas utilities in the United States, CPS Energy serves around 1.28 million customers in Texas. LG Energy Solution is a global battery maker. OCI expects that the first task for the three sides will be the "Alamo City ESS LLC" project, which is scheduled for completion by the end of next year. To enable the project, a solar power plant is under construction on a 35-acre site in southeastern Bexar County, Texas. OCI strives to integrate a 120MW solar photovoltaic system with a 480MWh ESS, which would be enough to meet power demand for roughly 41,000 households for a day. As a separate investment aimed at expanding its U.S. business, OCI disclosed in March its plan to invest $265 million in building a solar cell manufacturing plant in San Antonio, Texas. Texas faces mounting power demand from various customers like data centers. The state is a key location for data centers, including those run by OpenAI and Oracle. OCI Energy's head office is also located in Texas. The Center for Strategic and International Studies predicted that power demand from U.S. AI data centers would surge 21 times between 2024 and 2030. "Going forward, we will further strengthen our collaboration with LG Energy Solution and CPS Energy to ensure sustainable electricity supply through our North American ESS projects and address the intermittency of solar energy," OCI said in a statement.
Korea Herald
24-02-2025
- Business
- Korea Herald
OCI Holdings partners with Arava Power to build 260MW solar farm in Texas
US Inflation Reduction Act, energy community bonus expected to return up to 40 percent of investment to involved companies OCI Holdings said Monday that its United States subsidiary OCI Energy has teamed up with Arava Power, an Israeli solar energy firm, to build a 260 megawatt solar power plant in Wharton County, Texas. According to the announcement, each side will contribute 50 percent into the project named Sun Roper, which is expected to begin construction later this year and be complete by the end of next year. The amount of the investment was not disclosed. The Sun Roper project will cover an area of about 6.93 million square meters and produce enough electricity to power approximately 60,000 households per day. OCI Holdings explained that the Sun Roper project is estimated to result in high profitability as it can receive up to 40 percent of its investment back. The US government's Inflation Reduction Act supports investment tax credits of about 30 percent with an added 10 percent expected from the energy community bonus. The Sun Roper project marks the latest collaboration between OCI Energy and Arava Power as they continue to build on a partnership that began when the former sold project Sun Ray, a 200 MW solar farm in Uvalde County, Texas, to the latter in 2021. 'OCI Energy has established itself as the leading solar power developer in Texas, currently holding a 15 percent market share,' said Lee Woo-hyun, chairman of OCI Holdings. 'This year, we plan to expand our solar business beyond Texas to create new revenue streams." OCI Energy has continued to invest in the North American utility-scale solar and energy storage system markets since 2011. The Korean energy company currently operates over 10 solar power and ESS project pipelines, which totals about 5.2 gigawatt in energy capacity.
