SEOUL, January 28 (AJP) - A large-scale solar power project South Korea's Hyundai Engineering & Construction is participating in has entered full construction in Texas following the completion of financing and preparatory work.
The company said on Wednesday it held a groundbreaking ceremony on Jan. 27, local time, in Dallas for the "Lucy" project.
The project is being developed by a consortium known as “Team Korea,” which includes Hyundai E&C, Korea Midland Power, the Korea Overseas Infrastructure & Urban Development Corp., EIP Asset Management and the PIS fund. The consortium plans to build and operate a 350-megawatt solar power plant in Concho County, northwest of Austin.
Hyundai E&C said it has been involved since the early development stage, participating through an equity investment as well as technical reviews and the supply of solar modules. U.S.-based construction firm Primoris will build the facility, while Korea Midland Power will oversee operations.
The project site spans about 11.7 million square meters, the equivalent of more than 1,600 soccer fields. Total project costs are estimated at 750 billion won. Completion is targeted for July 2027, with commercial operations to begin thereafter.
After signing an agreement to acquire project rights in 2023, the consortium completed permitting and due diligence in 2024. Financing and preliminary work, including ground surveys and detailed engineering, were finalized last year.
Hyundai E&C said the groundbreaking marks the start of full-scale construction, including installation of solar trackers, high-voltage equipment and modules.
Once operational, the plant is expected to generate about 926 gigawatt-hours of electricity annually over a 35-year period, enough to supply power to roughly 260,000 four-person households, based on average monthly consumption of 300 kilowatt-hours.
The electricity will be sold to global companies, including Starbucks and Workday, through virtual power purchase agreements, Hyundai E&C said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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