Korean chemicals and polysilicon producer OCI Solar Power has sold its 106 MW Alamo 7 solar power plant, located in Texas (USA), for US$226.9 million to the New York-based Con Edison Development.
The Alamo 7 plant is the second largest plant of the 400 MW Alamo complex being constructed at different locations in San Antonio in partnership with City of San Antonio and state-owned CPS Energy. The project is developed through a public-private partnership (PPP) model between OCI Solar Power and state-owned CPS Energy who will purchase the energy produced under a 25-year power purchase agreement.
The solar farm will be constructed in multiple phases comprising of seven individual PV power stations. Construction of the first phase, Alamo 1, started in February 2013 and was completed in December 2013. Construction work on Alamo 2 and 4 began in October 2013 and January 2014 respectively. The 5 MW Alamo 3 project is still in the planning phase.
Finally Alamo 5 and 6, with an installed capacity of approximately 100 MW each, will be completed by 2016.
Besides Alamo, OCI Solar Power is currently developing another project in Texas, the Pearl 50 MW solar power plant. Construction for the project has recently started and is expected to be completed in late 2016, according to the company.
According to sources, OCI Solar Power has noted that the income proceeds from the sale would be reinvested in further PV projects in North America, India and Africa.