Construction has begun on the $524m (Won750.26bn) Lucy Solar Project, a Korean-led utility-scale investment in Texas being developed by a consortium of South Korean and US partners.
The 350MW solar farm in Concho County is expected to generate 926 gigawatt-hours of clean electricity a year.
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The project is being developed by a group known as ‘Team Korea’, which includes EIP Asset Management, Hyundai Engineering & Construction (Hyundai E&C), Korea Midland Power (KOMIPO), Korea Overseas Infrastructure & Urban Development Corporation, PIS Fund and Topsun.
Construction is expected to create around 500 jobs and provide approximately $5m annually in local property tax revenue.
The investment is set to provide support to infrastructure, local schools and essential services in Concho County through long-term property tax revenue.
The Lucy Solar Project reflects a growing trend of South Korean investment in manufacturing and renewables in US states such as Texas.
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By GlobalDataThis is Hyundai E&C’s largest solar project outside Asia and KOMIPO’s third US greenfield renewable development project.
The facility’s output has been pre-sold to major companies through long-term virtual power purchase agreements.
Through the supply of clean power to these companies, it supports corporate sustainability goals and contributes to the efforts of Texas to diversify its energy mix.
The project is scheduled to reach commercial operation by mid-2027. It will cover nearly 2,900 acres of ranchland and use several photovoltaic panels equipped with sun-tracking technology to maximise energy output.
Primoris Services division Primoris Renewable Energy will serve as the engineering, procurement and construction contractor. KOMIPO will manage plant operations and maintenance over the long term.
