OCI sells U.S. affiliate for $227 mln

OCI Co., a South Korean solar power energy firm, said Monday that it has decided to sell a U.S. affiliate for $227 million to improve its financial status and secure funds for business projects.

In a regulatory filing, OCI said it has agreed to sell OCI Alamo 7 LLC to ConEdison Development, a U.S. developer and operator of large-scale renewable energy projects.

OCI Solar Power has been constructing the Alamo 7 solar plant in Haskell, Texas. The Alamo 7 plant is part of a 400-MW solar power project, the second-largest solar project by a U.S. state government.

The proceeds from the asset sale will be used to beef up its financial footing and fund another solar power project in the U.S., the company said. (Yonhap)