Hyundai Engineering & Construction (Hyundai E&C) is expanding its presence in the U.S. energy market by entering the solar power industry. On July 10th, Hyundai E&C announced it has begun construction on the 'LUCY' solar power project in Texas, a venture supported by a formidable coalition known as 'Team Korea.' This coalition includes Korea Midland Power, Korea Overseas Infrastructure & Urban Development Corporation (KIND), EIP Asset Management, and PIS Fund, among others.
The 'LUCY' project involves constructing and operating a large-scale solar power plant with a capacity of approximately 455 MWdc (350 MWac) in Concho County, northwest of Austin, Texas. The plant will be built on a vast area of 11.73 million square meters, about four times the size of Yeouido. Once completed, it is projected to produce around 926 GWh of electricity annually for 35 years, supplying power to approximately 260,000 households, based on a monthly usage of 300 kWh per four-person household.
Hyundai E&C has been involved since the early stages of the project, focusing on equity investment, technical review, and the supply of solar modules. Primoris, a local company, will handle construction, while Korea Midland Power will manage operations.
The company signed a project fund investment agreement and acquired the business rights in August last year. Following this, necessary permits, including grid connection due diligence and power grid connection agreements, were completed by May this year, allowing construction to commence. Despite increasing regulations on renewable energy in the U.S., this project is scheduled for completion by June 2027 and is exempt from those regulatory hurdles, facilitating stable progress.
The electricity generated will be supplied to several global corporations, including Starbucks and Workday, through a Virtual Power Purchase Agreement (VPPA), contributing to global RE100 targets.
A representative from Hyundai E&C stated, “Amid surging global energy demand, we are focusing on various energy sectors, including this solar project, large nuclear plants, small modular reactors (SMR), hydrogen, offshore wind, and transmission and distribution. Through technological development and increased investment in advanced markets, we aim to secure future growth engines and lead the next generation of energy transition.”
