■ Begins main construction on U.S. solar development project, marking the full-scale expansion of global renewable energy infrastructure

… Held a groundbreaking ceremony on January 27th (local time) in Dallas, Texas, for a 350MW solar development project

… Completed pre-construction processes including ground surveys and detailed design after finalizing financing last year; scheduled for completion in July 2027

■ Marks a tangible achievement following the announcement of an energy-focused growth strategy, signaling full-scale entry into the North American renewable energy market

… Expected to contribute to the global achievement of RE100 targets based on the supply of eco-friendly power and a stable generation and power supply structure

… Will lead the push for future energy projects rooted in comprehensive capabilities across the entire energy business, from development, financing, and construction to operation

Following the groundbreaking ceremony for the project LUCY held on January 27th (local time) in Dallas, Texas, key officials from Team Korea, including Kim Kyeong-soo, Executive Vice President of the Global Marketing Division at Hyundai E&C (fifth from left); Lee Young-jo, President of Korea Midland Power (fourth from left); and Park Hee-jun, CEO of EIP Asset Management (fourth from right), pose for a commemorative photo.

Hyundai E&C is expanding its reach as a ‘Global Energy Transition Leader’ by commencing main construction on its U.S. solar development project.

Hyundai E&C announced that on January 27th (local time), it held a groundbreaking ceremony for the ‘LUCY’ solar development project in Dallas, Texas.

Project LUCY is a large-scale solar power project led by ‘Team Korea’,— a consortium comprising private companies, public enterprises, and policy funds including Hyundai E&C, Korea Midland Power (KOMIPO), Korea Overseas Infrastructure & Urban Development Corporation (KIND), Energy Innovation Partners (EIP) Asset Management, and Global Plant-Infrastructure-Smart City (PIS) Fund,— to build and operate 350MW solar power plant in Concho County, northwest of Austin, Texas.

This is a mega-project with a total investment of KRW 750 billion on a site spanning 11,735,537 m²—an area roughly four times the size of Seoul’s Yeouido district and equivalent to about 1,653 soccer fields. Hyundai E&C, which has been involved in the project since the development stage, is responsible for equity investment, technical review, and the supply of solar modules. Construction will be executed by the local construction firm Primoris, while operations will be managed by Korea Midland Power.

The groundbreaking ceremony, jointly hosted by ‘Team Korea,’ was held with key officials from related organizations and companies in attendance, including Kim Kyeong-soo, Executive Vice President of the Global Marketing Division at Hyundai E&C; Lee Young-jo, President of Korea Midland Power; Park Hee-jun, CEO of EIP Asset Management; Willie De-Souza, Sr. Vice President of Primoris; and Darrick Eugene, CEO of High Road Energy Marketing.

Following the signing of the project fund investment and business rights acquisition agreements in 2023, and the completion of various permits and due diligence for local power grid operation the subsequent year, the project successfully achieved financing last year and completed preliminary processes such as ground surveys and detailed design. This groundbreaking ceremony marks the commencement of main construction, which will include the installation of solar trackers, high-voltage equipment, and solar modules, with the completion of construction and the start of commercial operation scheduled for July 2027.

Upon completion, the plant will generate approximately 926 GWh of electricity annually for 35 years, which is enough to power roughly 260,000 four-person households using an average of 300 kWh per month. The generated electricity is slated to be sold to global corporations such as Starbucks and Workday via a Virtual Power Purchase Agreement (VPPA)*. Through this, the project is expected not only to expand the supply of eco-friendly electricity within the U.S. but also to contribute to the global achievement of RE100 targets based on a stable power generation and supply structure.

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 official added, “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.”