Hyundai Engineering announced on the 29th that it has raised USD 310 million (approximately KRW 460 billion) in project financing (PF) to promote a solar power generation project in the United States. Four domestic and international financial institutions participated in this financing agreement: Korea Development Bank, Crédit Agricole CIB, OCBC Bank, and Siemens Financial Services.

This funding is for the Hillsboro Solar Power Plant project in Hill County, Texas, United States. The Hillsboro Solar Power Plant, with a generation capacity of 200 MW (megawatts), is scheduled to begin construction by June this year and aims to start commercial operation by the end of next year. Hyundai Engineering stated that “this is the first overseas renewable energy investment and development project in which a domestic construction company has led the entire process, from acquisition of the project rights and extension of permits to power purchase agreement (PPA), investment, and financing arrangements.”

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