S. Korea solar power firm OCI to sell US affiliate for $384 mln

By Park Sae-jin Posted : December 5, 2016, 12:59 Updated : December 5, 2016, 12:59

[Courtesy of OCI Solar Power]


South Korea's top solar power company OCI said Monday that it would sell its US affiliate for 385 million US dollars in an effort to improve its financial status.

In a regulatory filing, OCI Solar Power said it has agreed to sell OCI Solar San Antonio 6 LLC. for 450 billion won ($384 million). The name of the buyer was not disclosed.

OCI said the proceeds would be used to improve its financial status and finance another project in the United States.

Since 2012, OCI has been involved in the world's largest 400-megawatt solar power project in Texas. So far seven solar farms have been built. The company has sold some of its holdings in the project.

Aju News Lim Chang-won = cwlim34@ajunews.com
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