Samsung unit considers $673 mln solar power plants in Texas -documents

A unit of Samsung C & amp; T (028260.KS) plans to invest $ 673 million in building solar power plants in Texas, with the goal of starting commercial production in December 2023, according to documents reviewed by Reuters.

The solar installations will be located in Milam County, Texas, according to the documents. The county is less than a two-hour drive from Samsung Electronics’ chip factory (005930.KS) in Austin, where the South Korean company plans to build a new $ 17 billion chip factory.

With a combined capacity of around 700 megawatts, the solar power plants will begin construction in June 2022, according to the documents.

An official from Samsung C & amp; T told Reuters that he is “currently in the process of approval with the state” but that there are no ongoing discussions with Samsung Electronics regarding the project.

The appeal of solar and wind power is growing rapidly as countries around the world switch from fossil fuels to cleaner renewable energy sources to stop global warming.

President Joe Biden’s administration wants all of America’s energy to come from non-carbon-emitting sources such as nuclear and renewables by 2035. South Korean President Moon Jae-in pledged Thursday to end all new funding for overseas coal projects and would soon set a more ambitious schedule for reducing carbon emissions.

Samsung C & amp; T Corp announced in October that it had decided to halt all new coal-related investments and projects.

Chipmakers like Samsung Electronics, Intel and TSMC are committed to boosting the use of renewable energy to reduce their carbon footprint.

Chip manufacturing, which requires large amounts of energy as well as gases and chemicals, accounts for most of the carbon output from data centers and mobile phones, according to a study by Harvard University , Facebook Inc., and Arizona State University.

Samsung Electronics and other chipmakers earlier this year suffered plant suspensions due to the winter storm and the Texas electricity crisis.

Our Standards: The Thomson Reuters Trust Principles.