Team Korea Launches Main Construction Phase of U.S. Solar Power Development Project

Hyundai Engineering & Construction announced on the 27th (local time) that it held a groundbreaking ceremony for a solar power development project in Dallas, Texas, USA.

This project, named the "Lucy Project," is being carried out by "Team Korea," which consists of both private and public sector entities such as Hyundai Engineering & Construction, Korea Midland Power, Korea Overseas Infrastructure & Urban Development Corporation (KIND), EIP Asset Management, and the PIS Fund. The consortium will build and operate a large-scale solar power plant in the United States with an installed capacity of 350MW.

This large-scale project will invest 750 billion won into a site covering 11,735,537 square meters-four times the size of Yeouido and equivalent to 1,653 soccer fields. Hyundai Engineering & Construction is participating from the development stage, handling equity investment, technical review, and the supply of solar modules. The construction will be carried out by Primoris, a local construction firm, while Korea Midland Power will be responsible for operations.

On the 27th (local time), after the groundbreaking ceremony for the solar power development project "Lucy" held in Dallas, Texas, USA, Lee Youngjo, President of Korea Midland Power (fourth from the left), Kim Kyungsoo, Executive Director of Global Business Division at Hyundai Engineering & Construction, Park Heejun, CEO of EIP Asset Management, and other key members of Team Korea are taking a commemorative photo. Provided by Hyundai Engineering & Construction

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After signing the project fund investment agreement and business rights acquisition contract in 2023, the consortium completed various permits and due diligence required to operate the local power grid the following year. Last year, they secured financing and completed preliminary processes such as ground surveys and detailed design. With the groundbreaking ceremony as a starting point, the main construction phase has begun, which includes the installation of solar trackers, high-voltage equipment, and solar modules. The project is scheduled for completion in July 2027, at which point commercial operations will commence.

For 35 years after completion, the plant will generate approximately 926 GWh of electricity annually. This is enough to supply about 260,000 households, based on an average monthly usage of 300 kWh for a family of four. The generated electricity will be sold to global companies such as Starbucks through virtual power purchase agreements (VPPA). The company expects this will not only expand the supply of eco-friendly electricity in the United States but also contribute to achieving RE100 targets on a global scale.

A company representative stated, "This project marks Hyundai Engineering & Construction's full-fledged entry into the North American renewable energy market and is a tangible achievement following the announcement of our energy-focused growth strategy last year. Based on our comprehensive capabilities in development, finance, construction, and operation, we will accelerate our efforts in future energy businesses such as large-scale nuclear power plants, small modular reactors (SMRs), and solar power, while strengthening our business competitiveness in advanced global markets."

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