Hyundai Engineering & Construction-Korea Midland Power-KIND Sign MOU for US Solar Power Project Development

Hyundai Engineering & Construction announced on the 9th that it signed a strategic business agreement (MOU) on the 8th with Korea Midland Power and Korea Overseas Infrastructure & Urban Development Corporation (hereinafter KIND) for the "Joint Development of Solar Power Generation Projects in the United States."

President Kim Hobin of Korea Midland Power, President Yoon Youngjun of Hyundai Engineering & Construction, and President Lee Kanghoon of KIND (from left) signed a business agreement on joint development cooperation for a solar power generation project in the United States on the 8th at the Ambassador Seoul Pullman Hotel located in Jangchung-dong, Jung-gu, Seoul, and are taking a commemorative photo.
[Photo by Hyundai Engineering & Construction]

Through this agreement, each company plans to closely cooperate for joint entry into the U.S. power generation market by ▲ developing, constructing, and operating solar power and related power generation projects in the U.S., ▲ seeking ways to enhance project profitability and secure feasibility, and ▲ exchanging information for joint project promotion.

According to the Solar Energy Industries Association and others, solar power accounted for 46% of new power generation capacity in the U.S. in 2022, a significant increase from 15% ten years ago. As of the first half of this year, the total operating solar capacity in the U.S. is 153 GW, and the market forecasts it will expand to 375 GW by 2028 and approximately 1,570 GW?ten times the current capacity?by 2050.

Accordingly, the three companies plan to establish a public-private cooperation system to expand their entry into the U.S. solar power generation business through this agreement, maximizing synergy among public institutions, public enterprises, and private companies, and focusing their capabilities across all project stages from development to construction and operation.

Hyundai Engineering & Construction will take charge of solar power development and EPC (engineering, procurement, and construction), Korea Midland Power will ensure the stable supply of high-quality electricity, and KIND will be responsible for feasibility studies and financial support for project discovery.

This partnership among the three companies is expected not only to enhance competitiveness in securing renewable energy power generation projects in the U.S. but also to significantly contribute to achieving global RE100 through renewable energy power production.