Hyundai-led 350 MW solar project breaks ground in Texas
A Korean-led development group that includes Hyundai Engineering & Construction has broken ground on a $524 million, 350 MW solar project in 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 Corp. (KIND), Energy Innovation Partners (EIP) Asset Management, and Global Plant-Infrastructure-Smart City (PIS) Fund — to build and operate a solar power plant in Concho County, northwest of Austin, Texas.
“This project is a great win for Concho County. It’s bringing jobs, resources and long-term revenue that will benefit the local community,” said Darrick Eugene, CEO of High Road Energy Marketing, the Texas-based co-developer of the project. “By partnering with international firms, we’re showing how global energy investment can directly boost our local economy and quality of life.”
The groundbreaking ceremony was moved because of inclement weather, as executives from the consortium’s partner companies and local dignitaries gathered in Dallas to celebrate the beginning of construction of the plant.
Slated to reach commercial operation by mid-2027, it will span nearly 2,900 acres of ranchland and consist of hundreds of thousands of PV panels. Primoris Renewable Energy, a division of Primoris Services Corp., will serve as the engineering, procurement and construction (EPC) contractor, with KOMIPO managing plant operations and maintenance long-term. The Lucy Solar Project shows how international collaboration can deliver local economic development and clean power for Texas communities and businesses.
Expanding Korean investment in U.S. solar
The utility-scale solar farm represents one of the largest Korean-led renewable energy investments in the United States and is expected to create approximately 500 construction jobs and provide about $5 million per year in local property tax revenue once operational in mid-2027. Lucy Solar will generate an estimated 926 GWh of renewable electricity annually.
The investment will support local schools, infrastructure and essential services in Concho County through long-term property tax revenue. The project also includes the RAIN-UP program, which directs a portion of the project’s revenues to support socially disadvantaged farmers, ranchers and local communities.
Lucy Solar reflects an accelerating trend of South Korean investment in renewables and manufacturing in the United States. For Hyundai E&C, the project is its largest solar initiative outside Asia, while for KOMIPO it marks the company’s third project in a series of U.S. greenfield renewable development projects.
This additional renewable energy capacity comes at a crucial time as Texas’ power demand is growing due to population growth, electrification and the expansion of large electricity users such as data centers and manufacturing facilities, with one forecast projecting a further 14% rise in statewide electricity demand by mid-2026 unless new resources come online. The plant’s output has been pre-sold through long-term virtual power purchase agreements (VPPAs) to major corporations committed to 100% renewable energy.
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.
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.”
Pictured above: Project Lucy groundbreaking. From left, Komipo America President, Byung euk Koh; Primoris Renewable Energy SVP, Brad Hise; the Head of the Consulate at the Consulate of the Republic of Korea in Dallas, KwangHeon Doh, Komipo America President, Youngjo Lee; Hyundai Engineering and Construction COO, Kyeongsoo Kim, EIP Asset Management CEO, Hee-Jun Park, High Road Energy Marketing CEO, Darrick Eugene, EIP Asset Management Managing Director, Nathan Choi, Principal Landowner, Charles Smith.
