Hyundai Engineering & Construction Completes Financing for Large-Scale Solar Power Plant in Texas

Hyundai Engineering & Construction, a leading South Korean construction company, has successfully completed the financing for a massive solar power generation project in Texas, USA, worth KRW 750 billion. This ambitious project is expected to produce and sell approximately 926GWh of electricity annually for 35 years, sufficient to power around 260,000 households. The project, named 'LUCY,' will significantly contribute to achieving global RE100 goals by establishing a stable power production and supply structure for renewable energy.

Key Takeaways:

• Hyundai Engineering & Construction has completed financing for a solar power plant project in Texas, USA, worth KRW 750 billion.
• The project, named 'LUCY,' aims to produce and sell approximately 926GWh of electricity annually for 35 years, enough to power around 260,000 households.
• The project will contribute to achieving global RE100 goals by establishing a stable power production and supply structure for renewable energy.
• Hyundai Engineering & Construction will participate in the development phase of the project, taking charge of equity investment, technology review, and solar module supply.
• The construction company will be working with local partners, including Primoris for construction and Korea Central Power for operation.
• The electricity produced will be sold to global companies, including Starbucks and Workday, through Virtual Power Purchase Agreements (VPPA).
• The project is scheduled for completion in June 2027 and is not subject to recent US government regulations.
• Hyundai Engineering & Construction aims to contribute to achieving global RE100 by focusing on large-scale nuclear power plants, small modular reactor (SMR) projects, and other renewable energy initiatives.

Statistics:

• Project cost: KRW 750 billion
• Annual electricity production: approximately 926GWh
• Annual electricity consumption: enough to power around 260,000 households using 300kWh/month
• Project duration: 35 years
• Completion date: June 2027
• Location: Concho County, northwest of Austin, Texas, USA
• Site area: 11,735,537㎡ (about 4 times the size of Yeouido and about 1,653 soccer fields)

Sources:

• Hyundai Motor Group
• Hyundai Engineering & Construction
• Korea Midland Power
• Korea Overseas Infrastructure and Urban Development Corporation (KIND)
• EIP Asset Management
• PIS Fund
• Primoris
• Korea Central Power
• Starbucks
• Workday