Samsung C&T has marked a significant milestone by successfully monetizing its first solar development project outside the U.S. The company sold its Australian solar and energy storage system (ESS) project to a British investment firm, showcasing its expanding global reach in renewable energy.
Industry sources and local media reported on Thursday that Samsung C&T’s Australian renewable energy subsidiary (SREA) finalized the sale of its solar and ESS hybrid project in Queensland’s Dunmore area to Octopus Australia, a subsidiary of the UK-based Octopus Group. This deal represents Samsung C&T’s inaugural profit from a solar development venture beyond U.S. borders.
The Dunmore Project, the centerpiece of this transaction, is an impressive renewable energy initiative. Situated about 240 km (about 149 miles) west of Brisbane, it covers roughly 538 hectares (about 1,329 acres) – an area nearly twice the size of Yeouido. The project integrates a 300 MW solar power plant with a robust 150 MW/300 MWh battery storage system. Once operational, it will have the capacity to power approximately 60,000 Australian homes annually. Local media estimates suggest the project’s total investment could surpass 3 billion USD upon completion.
Samsung C&T Renewable Energy Australia (SREA), the company’s Australian subsidiary, has been at the helm of this ambitious project. Samsung C&T’s strategy involved securing land rights, conducting power grid connection studies, and obtaining necessary permits before construction began. The company then capitalized on its efforts by selling the power generation rights.
Samsung C&T’s approach has centered on developing greenfield projects within the solar and ESS value chain. This business model focuses on establishing project viability in the early stages of development, typically over a three-year period, before selling the power generation rights for profit.
The company first saw success with this model in North America. After its strategic entry into the U.S. solar development market in 2018, Samsung C&T achieved its first monetization in 2021. To date, the company has accumulated approximately 300 million USD in sales profits from its U.S. solar development projects.
Encouraged by its strong performance in North America, Samsung C&T recognized the growth potential in Australia’s renewable energy sector. The company established a local subsidiary in 2022 and has since developed several combined solar and ESS projects, primarily in Queensland and New South Wales. The sale of the Dunmore Project marks the first major success of this expansion.
Building on this Australian market breakthrough, Samsung C&T is poised to broaden its renewable energy business model. The company plans to move beyond its current focus on early-stage development, exploring opportunities for joint ventures with global partners and direct power plant operations. This strategic shift signals Samsung C&T’s commitment to becoming a more comprehensive player in the global renewable energy landscape.