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OCI sells U.S. affiliate for 451 bln won

2016/12/05 10:11

SEOUL, Dec. 5 (Yonhap) -- OCI Co., South Korea's leading solar power company, said Monday that it has decided to sell its U.S. affiliate for 451 billion won (US$385 million) as part of efforts to improve its financial status.

In a regulatory filing, OCI said it has agreed to sell OCI Solar San Antonio 6 LLC. The company did not unveil the name of the buyer.

Since 2012, OCI has been conducting a 400MW-solar power project in Texas under which a total of seven solar farms have been established.

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.

Early this year, OCI also sold OCI Alamo 7 LLC.