Hyundai Engineering Secures $310M Financing for Texas Solar Plant

Hyundai Engineering is accelerating its transformation into an investment developer that oversees the entire process—from business discovery to financial procurement—in the U.S. renewable energy market, moving beyond simple engineering, procurement, and construction (EPC).

Hyundai Engineering announced on the 29th that it had signed a project financing (PF) agreement worth $310 million (approximately 460 billion Korean won) for the “Hillsboro Solar Power Plant” project with four domestic and international financial institutions, including Korea Development Bank. Global financial institutions such as KDB, Crédit Agricole (France), OCBC Bank (Singapore), and Siemens Financial Services (Germany) participated in the agreement.

This project is differentiated from previous ones as Hyundai Engineering, for the first time among domestic construction companies, led the acquisition of business rights, permits, power purchase agreements (PPA), and financial procurement in the overseas renewable energy sector. By designing the business framework directly, rather than passively constructing hardware as planned by overseas clients, the company has increased added value.

The Hillsboro Solar Power Plant, to be built in Hill County, Texas, U.S., will have a capacity of 200 MW, with a target for commercial operation by the end of 2027. Once completed, it will produce 476 GWh of electricity annually, enough to power approximately 46,000 households in the U.S. A source from Hyundai Engineering stated, “This agreement is significant as it marks the beginning of our first North American renewable energy investment development business. Going forward, we will expand our presence in the global energy market through cooperation with domestic and international financial institutions.”

Hyundai Engineering is fostering future energy sectors such as renewable energy, hydrogen, and nuclear power to overcome the inherent limitations of the domestic construction industry, which is sensitive to housing market fluctuations. In 2021, the company demonstrated its practical capabilities in renewable energy by completing the Saemangeum Land-based Solar Power Plant Section 1 with Korea South-East Power. Last year, it also achieved the milestone of reverse-exporting nuclear technology to a nuclear powerhouse by winning the design contract for the University of Missouri’s next-generation research reactor.