Korea Southern Power said May 27 that it signed a joint development agreement on May 22 with HD Hyundai Electric, Alpha Asset Management and Hunt Energy Network for the Dolce battery energy storage system project in Mitchell County, Texas.
The agreement was signed for the four companies to establish a special purpose company and jointly invest equity in the project.
Under the agreement, Korea Southern Power will oversee the overall project based on its overseas business experience, while partner companies will combine technological capabilities, investment planning expertise and local operational know-how to strengthen their presence in the U.S. battery energy storage system market.
The companies also plan to use the project to identify additional business opportunities across North America and diversify their overseas energy business portfolio.
Park Young-cheol, executive vice president for management planning at Korea Southern Power, said, “This agreement has established a concrete foundation for the successful development of the Dolce BESS project.”
Earlier this year, Korea Southern Power also broke ground on the 200-megawatt Rutile battery energy storage system project in Texas.