Hyundai Engineering Signs Financing Agreement for U.S. Solar Power Project... "Expanding Investment and Development Business"

Securing KRW 460 Billion in Financing for Texas Solar Power Plant

Hyundai Engineering announced on April 29 that it has signed a project financing (PF) agreement worth USD 310 million (approximately KRW 460 billion) with four financial institutions for its solar power plant project in the United States.

The lenders participating in this agreement are Korea Development Bank, Crédit Agricole CIB, OCBC Bank, and Siemens Financial Services. The funds will be used for a solar power plant project in the Hillsboro area, located about 100 kilometers from Dallas, Texas. Hyundai Engineering expects to begin construction in the first half of this year.

The Hillsboro Solar Power Plant will have a generation capacity of 200 MW, with commercial operation targeted for the end of 2027. Upon completion, it will produce 476GWh of electricity annually, enough to supply power to more than 46,000 households in the United States.

Location of Hillsboro Solar Power Plant Project. Provided by Hyundai Engineering

The company explained that this project is significant as it is the first overseas renewable energy investment and development project in which a Korean construction company has overseen the entire process—from acquiring project rights, extending permits, entering into a Power Purchase Agreement (PPA), to securing investment and financing. It was evaluated as a turning point for expanding the company’s portfolio from an EPC (Engineering, Procurement, and Construction)-centered business structure to an investment and development-oriented business model.

The company stated that, following the signing of this financing agreement, it will continue to strengthen its energy value chain business capabilities both domestically and internationally, with a focus on North America. Previously, in 2021, the company completed the Saemangeum onshore solar power project Zone 1 with Korea Southern Power, marking the first renewable energy project within the Saemangeum area. Earlier this year, construction began on a water electrolysis-based hydrogen production plant in Boryeong, South Chungcheong Province, and the company is also developing a plant-type water electrolysis system for large-scale clean hydrogen production.

A company representative stated, "We will continue to build solid partnerships with domestic and international financial institutions and strengthen our position in the global energy market."

This content was produced with the assistance of AI translation services.