A project involving Korean companies and policy funds to develop solar power in the United States has officially begun construction, marking its first significant step forward.
On July 10, Korea Overseas Infrastructure and Urban Development Corporation (KIND) announced that it had started construction on a large-scale solar power plant in Texas, United States. The project involves building a 455 MWdc power plant in the Concho region of central Texas, covering an area four times the size of Yeouido and requiring an investment of 750 billion won.
KIND participated in the project from the development stage. After acquiring the project rights in 2023, it took more than two years to reach the groundbreaking stage, facing crises such as changes in investors. However, KIND explained that it was able to proceed with construction after securing local financing and deciding to invest through subordinated loans. Hyundai Engineering & Construction, which also joined the project from the development stage, is responsible for equity investment, technical review, and supplying solar modules. Korea Midland Power will operate the plant. Policy funds such as EIP Asset Management and PIS Fund are also participating. The local construction company Primoris will be in charge of construction.
After completion, the plant is expected to generate and sell approximately 926 GWh of electricity annually for 35 years. This amount is enough to supply about 260,000 households, based on a four-person household consuming an average of 300 kWh per month. According to Hyundai Engineering & Construction, entry barriers for renewable energy projects in the United States have increased due to changes in government policy. However, this project, scheduled for completion in June 2027, is not subject to the new regulations. The electricity produced will be sold to global companies through a Virtual Power Purchase Agreement (VPPA).
Kim Bokhwan, President of KIND, stated, "Whenever our companies face difficulties in investment and development projects, we will provide tailored support as the central pillar of 'One Team Korea'." Hyundai Engineering & Construction commented, "We will accelerate technological development in the energy sector, secure future growth engines by pursuing investment and development projects in advanced markets, and lead the next-generation energy transition."
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