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Samsung C&T to branch out to the U.S. for renewable revenue

2018.08.20 15:44:58
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[Photo provided by Samsung C&T Corp.]

[Photo provided by Samsung C&T Corp.]

Samsung C&T Corp. that serves as the holding entity of Korea’s household conglomerate Samsung Group has beefed up renewable energy business to pin it as a new growth engine from overseas.

The company said Monday it will be branching out to the renewable market in the United States based on its project in Summerside in Prince Edward Island, Canada.

The company in April completed $5 billion project to build 1,369-megawatt solar and wind energy complex in Ontario, Canada, after a decade of construction. It earns revenue from selling electricity to the Ontario state for the next 20 years.

It is working to pitch its Ontario feat to secure similar orders in the U.S.

Samsung C&T meanwhile pleased investors with its better-than-expected performance in the second quarter. It delivered an operating profit of 57 billion won ($50.8 million) on sales of 3.55 trillion won. The division’s profit and revenue gained 24 percent and 18 percent, respectively from a year-ago period.

For the first six months, the company earned 44.6 percent, or 6.88 trillion won, of its total sales from trading and investment business.

By Hwang Soon-min and Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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