Hyundai E&C is expanding its presence as a global energy transition leader with the start of construction on its 350-megawatt (MW) solar project in Concho County, Texas.
Project LUCY is a large-scale solar initiative led by Team Korea, a consortium that includes Hyundai E&C, Korea Midland Power, Korea Overseas Infrastructure & Urban Development Corporation, Energy Innovation Partners Asset Management, and Global Plant-Infrastructure-Smart City Fund.
The initiative involves a total investment of approximately $550 million across a site covering nearly 29,000 acres.
Hyundai E&C has participated in the project since the development phase and is handling equity investment, technical review, and solar module supply. Local construction firm Primoris will execute construction, while Korea Midland Power will manage operations.
The facility will produce approximately 926 gigawatt hours (GWh) of electricity annually over 35 years, which is enough power for approximately 260,000 four-person households.
The electricity will be sold to global corporations including Starbucks and Workday through a Virtual Power Purchase Agreement (VPPP).
A Hyundai E&C official stated, “Project LUCY is a landmark project that signals Hyundai E&C’s full-scale entry into the North American renewable energy market, and is significant in that it is the first major tangible achievement since the announcement of our energy-focused growth strategy last year.”
The project aims to boost eco-friendly electricity supply in the U.S. and support global RE100 goals through a stable generation and supply framework.
The official continued, “Grounded in our comprehensive capabilities across the entire energy business—spanning development, finance, construction, and operation—we aim to push forward with future energy projects such as large-scale nuclear power plants, small modular reactors (SMR), and solar power, while also strengthening our business competitiveness in advanced global markets.”
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