OCI Holdings announced on Thursday the completion of project financing for a significant 260-megawatt solar power plant in Texas, marking an accelerated expansion into long-term renewable energy infrastructure investment within the United States.
OCI Energy, its US subsidiary, successfully secured a $394 million financing package on Monday for the Sun Roper project. This project is a 50:50 joint venture established in February 2025 with Arava Power, an Israel-based company. ING Capital served as the sole lead arranger for the financing.
The Sun Roper solar facility, situated in Wharton County, Texas, will encompass approximately 6.93 million square meters. Commercial operations are slated to commence in the third quarter of 2027. The utility-scale project is anticipated to generate enough electricity daily to power approximately 60,000 households consisting of four people.
A 20-year power purchase agreement has been secured with prominent power users in Texas, ensuring a stable, long-term revenue stream. This agreement allows the project to play a key role in addressing the increasing electricity demand in the region, particularly driven by the expansion of digital infrastructure and AI-related facilities.
The Sun Roper project also benefits from US clean energy incentives, including a 30 percent investment tax credit and a 10 percent energy community bonus, potentially enabling the developers to recoup up to 40 percent of the overall investment costs.
Chairman Lee Woo-hyun emphasized that this project reflects OCI’s strategic transition from asset sales during early stages to direct ownership and operation, thereby building a more comprehensive renewable energy portfolio across Texas and the broader United States.
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