Hyundai Engineering has secured around $309 million in project financing (PF) for a solar power project in the United States and will begin full-scale construction.
The company said on April 29 it signed a project financing agreement worth about $309 million with four domestic and international financial institutions, including the Korea Development Bank.
The financing consortium includes the Korea Development Bank, Crédit Agricole CIB, OCBC Bank and Siemens Financial Services.
Through the agreement, Hyundai Engineering has secured stable funding for the Hillsboro solar power plant.
The Hillsboro solar power plant will be built in Hill County in Texas, United States, with construction scheduled to begin in the first half of this year. The project will have a generation capacity of 200 megawatts and aims to begin commercial operations by the end of 2027.
Once completed, the plant is expected to generate about 476 gigawatt-hours of electricity annually, enough to supply power to approximately 46,000 households in the United States.
The company said the project marks the first overseas renewable energy investment development project led entirely by a South Korean construction firm after acquiring project rights. Hyundai Engineering oversaw the full process, including permit extensions, a power purchase agreement (PPA), investment and financing.
A company official said the project represents a turning point from an engineering, procurement and construction (EPC)-focused business model to an investment development model, adding that the company aims to expand its role as a key player in the global energy value chain, including in North America.