Hyundai Engineering & Construction (Hyundai E&C) announced on the 27th (local time) that it held a groundbreaking ceremony in Dallas, Texas, USA, for the solar power development project “LUCY.” The project is viewed as demonstrating Hyundai E&C’s commitment to expanding its business scope in the global renewable energy market and taking the lead in the energy transition.

This project involves the so-called “Team Korea” consortium, which includes Hyundai E&C, Korea Midland Power, Korea Overseas Infrastructure & Urban Development Corporation (KIND), EIP Asset Management, and the PIS Fund, to construct and operate a large-scale solar power plant with an installed capacity of 350 MW in Concho County, Texas. It is a large-scale project, with a total project cost of approximately KRW 750 billion to be invested in a site of 11,730,000㎡, about four times the size of Yeouido.

Hyundai E&C has participated from the development stage and is responsible for equity investment, technical review, and the supply of solar modules. Construction is being carried out by local contractor Primoris, while Korea Midland Power will be in charge of operations.

The groundbreaking ceremony was attended by key stakeholders including Kim Kyung-soo, Executive Vice President of Hyundai E&C’s Global Business Division; Lee Young-jo, President of Korea Midland Power; Park Hee-joon, CEO of EIP Asset Management; Willie De-Souza, Vice President of Primoris; and Darrick Eugene, President of High Road Energy Marketing.

The project completed financing last year after signing a project fund investment agreement and a project rights acquisition agreement in 2023, followed by various permits and approvals and due diligence. After finishing preliminary works such as geotechnical investigation and detailed design, the project has now moved into main construction with this groundbreaking.

The main construction phase will include installation of solar trackers, high-voltage facilities, and solar modules, with completion and the start of commercial operation targeted for July 2027. After completion, the plant is expected to produce approximately 926 GWh of electricity annually for 35 years. This is equivalent to the power consumption of about 260,000 households, based on an average monthly usage of 300 kWh for a family of four.

The electricity produced will be supplied to global companies such as Starbucks and Workday under a Virtual Power Purchase Agreement (VPPA). Through this, Hyundai E&C expects to expand the supply of eco-friendly power in the United States and contribute to achieving global RE100 targets.

A Hyundai E&C official stated, “Project LUCY is a flagship project that signals Hyundai E&C’s full-scale entry into the North American renewable energy market and carries great significance as a tangible achievement following the energy-focused growth strategy announced last year,” adding, “Based on our capabilities across the entire energy business value chain, from development, financing, and construction to operations, we will accelerate our future energy businesses such as large-scale nuclear power plants, SMRs, and solar power, while continuously strengthening our business competitiveness in advanced global markets.”

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