Business OCI completes $394m financing for Texas solar project
Published : Feb. 26, 2026 – 14:34:09 Updated : Feb. 26, 2026 – 15:25:30
Link copied!
OCI Holdings said Thursday it has completed project financing for a 260-megawatt solar power plant in Texas, accelerating its push into long-term renewable energy infrastructure investment in the United States.
Its US subsidiary, OCI Energy, secured a $394 million financing package Monday for the Sun Roper project, a 50:50 joint venture with Israel-based Arava Power established in February 2025. ING Capital acted as the sole lead arranger.
Located in Wharton County, the utility-scale solar facility will span about 6.93 million square meters and is scheduled to begin commercial operations in the third quarter of 2027. Its daily electricity output is expected to be enough to power roughly 60,000 four-person households.
The partners have signed a 20-year power purchase agreement with major power users in Texas, securing stable long-term revenue. The project is expected to help meet rising electricity demand in the region, including growth driven by digital infrastructure and AI-related facilities.
Sun Roper also qualifies for US clean energy incentives, including a 30 percent investment tax credit and a 10 percent energy community bonus, allowing the developers to recover up to 40 percent of total investment costs.
Chairman Lee Woo-hyun said the project underscores OCI’s strategic shift from early-stage asset sales to direct ownership and operation as it builds a broader renewable energy pipeline across Texas and the US.
Korea’s market rally shifts tone in shareholder activism
Activist hedge funds were once treated as unwelcome agitators in South Korea, often turned away at corporate doorsteps. But the mood is shifting.
Park Chan-wook named 2026 Cannes jury president
SK hynix, Sandisk team up on next-gen HBF standards
NK leader leaves room for US engagement, rebuffs Seoul’s overtures
Korea's market rally shifts tone in shareholder activism
Kim Junsu takes on most unpredictable role yet in musical ‘Beetlejuice’
Herald Interview
'Pavane' stars talk chemistry behind an unlikely romance
Herald Interview
K-drama Survival Guide
Your passport to decoding K-drama’s hidden cues
True Crime
Take a stroll through the darker side of Korea’s past
Stars Up Close
A spotlight on Korean artists who rose to prominence in unexpected ways, and moments behind their breakthroughs
K-parenting 101
Dive into the world of Korean parenting
Premium vs scale: Hyundai, Tesla clash in robot pricing
US Section 301 probe puts Korea’s digital rules in spotlight
Why Tesla-SpaceX merger could mean tax bills for Korean investors
Xiaomi targets Samsung Galaxy S26 with Leica-powered 17 Ultra
China scales biotech, Korea carves a niche
BTS’ Jimin, Jungkook reach milestones on Spotify
'SEAblings' vs. Korea: Online spat reveals long-buried tensions
Followers of female serial murder suspect surge after face revealed
How one parent built an online school for globally mobile Indian children
How 'The Art of Sarah' recalls real-life luxury fraud even 'Squid Game' Lee Jung-jae fell for
Address : Huam-ro 4-gil 10, Yongsan-gu,Seoul, Korea Tel : +82-2-727-0114 Online newspaper registration No : Seoul 아03711
Date of registration : 2015.04.28 Publisher. Editor : Choi Jin-Young Juvenile Protection Manager : Choi He-suk
The Korea Herald by Herald Corporation. Copyright Herald Corporation. All Rights Reserved.
