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Photo = Hyundai Engineering & Construction |
[Alpha Biz= Kim Jisun] Hyundai Engineering & Construction (Hyundai E&C) announced on July 10 that it has commenced construction on a large-scale solar power project in Texas, marking a major step forward in its U.S. energy market expansion. The project, titled “LUCY”, has successfully secured total project financing of KRW 750 billion (approx. USD 570 million).
The initiative is a public-private collaboration involving Korea Midland Power (KOMIPO), KIND (Korea Overseas Infrastructure & Urban Development Corporation), EIP Asset Management, and PIS Fund, along with Hyundai E&C as an equity investor.
Located in Concho County, northwest of Austin, Texas, the LUCY project entails the construction and operation of a 350 MWac (455 MWdc) solar photovoltaic plant. The site spans approximately 11.74 million square meters—equivalent to about 1,653 soccer fields—and is expected to produce and sell 926 GWh of electricity annually over a 35-year operational period.
Hyundai E&C has been involved in the project from the development phase, contributing as an equity investor, technical reviewer, and solar module supplier. The EPC work will be handled by U.S.-based Primoris Services Corporation, while Korea Midland Power will oversee operations post-completion.
The company signed the project fund investment and rights acquisition agreement in August 2023, and secured necessary local permits and interconnection agreements by May 2024, paving the way for construction to begin.
Despite increased regulatory hurdles for Korean firms entering the U.S. renewable energy market due to recent policy changes, the LUCY project is exempt, as it is scheduled for completion in June 2027 under grandfathered conditions. Electricity generated from the plant will be sold to major global corporations, including Starbucks and Workday.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
