OCI Company announced the sale of the 132MW(DC)/106MW(AC) Texas solar power plant to ConEdison Development.
Proceeds from the sale total $226.9MM. OCI has made a strategic decision to sell Alamo 7 based on current market conditions. According to SH Yoon, CEO of OCI Solar Power based in San Antonio, Texas, the success of this deal will help OCI improve its financial status. Proceeds will be reinvested in future solar power projects in North America.
Construction on the Project Pearl will commence in the coming weeks. Project Pearl will finish construction in late 2016.
OCI entered into the Chinese solar power market in 2015. In addition, the company is focusing on new projects in developing countries such as India and Africa.