Samsung C&T Expands into Hydrogen and Renewable Energy After Solar Project Sales Success

Cumulative Sales Profit of $300 Million from U.S. Solar Development; First Commercialization Achieved in Australia This Year

Business Expansion into Hydrogen and Energy Solutions Leveraging Developer Capabilities

Samsung C&T Corporation's Trading & Investment Division is expanding its business into new areas such as hydrogen trading and energy storage systems (ESS), leveraging the development capabilities it has accumulated in overseas solar power projects.

Panoramic view of the solar power plant established by Samsung C&T Corporation's Trading Division in Ontario, Canada. Samsung C&T Corporation

According to industry sources on July 28, Samsung C&T Corporation is expanding its renewable energy business this year, focusing on industrial materials, energy, and technology as its mid- to long-term growth engines. In particular, the company is pushing to transform itself into an integrated renewable energy operator (IPP), based on its achievements in solar power development in the United States.

Until now, Samsung C&T Corporation has established a business model of increasing project viability by securing sites, linking to power grids, conducting environmental impact assessments, and obtaining various permits, then selling the projects to power operators or renewable energy-focused investment firms before construction begins, rather than operating power plants directly. This approach has allowed the company to achieve higher capital turnover and reduce investment risk, as opposed to running power plants, which ties up substantial funds for long periods.

In fact, since entering the U.S. solar market in 2018, Samsung C&T Corporation recorded approximately 300 million dollars in cumulative sales profit from U.S. solar development projects between 2021 and last year. In the first quarter of this year, the company commercialized an Australian solar power project for the first time, posting 22.2 million dollars in sales profit. Samsung C&T Corporation forecasts its solar power sales profit will increase to 85 million dollars this year.

Location of Australia's first solar power project to generate revenue (Dunmore area, Queensland). Samsung C&T Corporation

The company is also expanding its business in other regions. Following the United States, it established renewable energy subsidiaries in Australia in 2022 and Germany in 2024. In Canada and Japan, it is pursuing energy storage system (ESS) development projects, expanding its business portfolio mainly in advanced markets. As of now, the company is developing more than 100 solar and ESS projects in the United States alone, with a total capacity of around 20 GW.

Recently, the company has been considering expanding its development capabilities beyond solar power into AI data centers. A company representative stated, "As big tech companies ramp up investments in data centers due to the widespread adoption of AI, the U.S. solar and ESS markets are expected to grow further," adding, "We will seek new business opportunities by capitalizing on the capabilities and know-how we have accumulated over many years in the U.S. market."

In the energy sector, alongside the ESS business, hydrogen is also being nurtured as a new pillar of growth. The company recently signed a memorandum of understanding (MOU) with JERA, Japan’s largest power generation company, to strengthen the hydrogen and ammonia value chain. In March, it also signed a green ammonia supply agreement (SPA) with Reliance, India’s largest company, thereby expanding its business beyond solar development to the broader energy value chain. Going forward, Samsung C&T Corporation plans to strengthen its energy solutions business by not only developing projects but also directly operating highly profitable solar and ESS projects.

This content was produced with the assistance of AI translation services.