Reportedly, another piece of information is coming from the South Korean tech giant, as Samsung C&T signed a deal of $630 million in order to build a solar power plant in Qatar.
In addition, the construction company said that they signed a procurement contract on Wednesday which is engineering, procurement and construction (EPC) with Qatar energy authorities. Being the exclusive contractor for this project, Samsung C&T going to build two Power plants in Qatar. Both have a combined capacity of 875 megawatts.
Out of which, a 417-megawatt solar farm will be built in Mesaieed. It is about 40 kilometres (25 miles) south of Doha, whereas a 458-megawatt farm will be made in Ras Laffan. And it’s located 80 kilometres ahead north of Doha.
And to move with the process ahead, Samsung C&T planning the groundbreaking activity somewhere in September. However, they going to complete this project at a fast pace, as they want to complete the construction by November 2024. These solar power plants will supply electricity QatarEnergy’s industrial complexes in the cities and to the country’s power grids.
Presently, the company is currently working on a 2.4 trillion -won ($1.8-billion) project. This project is to build a liquefied natural gas (LNG) terminal in Qatar. It also has experience in building a 2.5-trillion-won water desalination plant.
“Samsung C&T came to be recognized as a global player in the renewable energy generation sector,” said a spokesperson for the company. “We hope to expand our value chain, from construction to business participation and operation.”
To be noted, In 2020, Korean Electric Power Corp. signed a contract. And this is signed, in order to build and operate a solar power plant in Guam. This project is also led by Samsung C&T as the builder. Also, Samsung C&T recently did with their 60-megawatt power plant and an energy storage system located in Mangilao, Guam.
Recently, Samsung C&T traded at 123,000 won, and that is up 3.36 per cent compared to the previous day. Talking about the last year, then Samsung C&T signed $7 billion of overseas contracts. That includes the LNG deal in Qatar and the info as per the International Contractors Association of Korea. The company is at the top among all Korea’s construction companies in overseas performance that year.
Simultaneously, the company is diversifying its business portfolio into future energy endeavours as well. It includes solar power, hydrogen and nuclear energy. On the other hand, Samsung C&T has invested $70 million in Portland, Oregon-based NuScale which specializes in small nuclear reactors respectively.
Also, in January, the company signed an MOU with Posco and Saudi Arabia’s Public Investment Fund. This association is in order to collaborate on a green hydrogen production project in the Middle East country.
