Samsung subsidiary considers $670 million in solar farm projects in Central Texas
Technology giant Samsung is considering spending $673 million to build solar energy farms in Central Texas, according to documents filed with the state.
Samsung C&T, a subsidiary of Samsung Group, has negotiated tax breaks for the potential projects in Milam County, north of the Austin metro area.
Samsung C&T is one of a number of subsidiaries of Samsung Electronics, which already has a large Central Texas presence. Samsung C&T is focused primarily on construction, engineering, trade, investment, fashion and resort projects.
Plans for the project call for three solar farms that could generate as much as 700 megawatts of electricity.
Shutdown of Austin fab during freeze cost Samsung at least $268 million
Samsung lost at least $268 million due to damaged products after its semiconductor fabrication plant in Austin was shutdown during the February s Texas freeze, according to the company.
Samsung executives said the company s semiconductor business saw profits fall in the first quarter, mainly due to disruptions and product losses caused by the shutdown.
Samsung s Austin fab was offline for more than a month after it was shut down due to power outages during the freeze. At the time, the company declined to give specifics on how long operations were down, how much was lost in the shutdown or if there was product loss or damage.
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Weeks after it was shut down amid power outages during last month s Texas freeze, Samsung s Austin fabrication facility still has not resumed operations. The situation is likely costing the technology giant millions of dollars, industry experts said.
Coupled with the simultaneous shutdown of NXP Semiconductors two Austin fabrication facilities, the situation is turning into an economic disaster for the semiconductor industry in Central Texas, said Ed Latson, executive director of the Austin Regional Manufacturers Association.
Samsung, which is the biggest electricity user on Austin Energy s power grid, and NXP were among several large industrial power users that were ordered to shut down their Austin operations the week of Feb.15.