OCI Co., a South Korean solar power energy firm, said Monday that it has decided to sell a U.S. affiliate for $227 million to improve its financial status and secure funds for business projects.
In a regulatory filing, OCI said it has agreed to sell OCI Solar Power LLC to ConEdison Development, a U.S. developer and operator of large-scale renewable energy projects.
OCI Solar Power has been constructing the Alamo 6 solar plant in Pecos County, Texas. The Alamo 6 plant is part of a 400-MW solar power project, the largest solar project by a U.S. state government.
The proceeds from the asset sale will be used to beef up its financial footing and fund another solar power project in the U.S., the company said. (Yonhap)
