Korea Midland Power Starts Construction of 350MW Lucy Solar Project in Texas
Korea Midland Power (KOMIPO), in collaboration with “Team Korea” — comprising Korea Overseas Infrastructure & Urban Development Corp. (KIND), Hyundai Engineering & Construction, EIP Asset Management, PIS Fund, and Topsun — has successfully secured financing and initiated construction of the 350MW Lucy Solar Power Plant in Concho County, Texas, USA.
The project successfully completed the financial arrangements for project financing totaling 750 billion won on the 9th (local time), allowing for the commencement of full-scale construction. The funds, raised through participation from overseas private financial institutions and policy finance institutions, are considered a significant indicator of market confidence in the project’s viability, stability, and Team Korea’s technical prowess and project execution capabilities.
In the Lucy Solar Power project, KOMIPO will oversee the overall management and supervision of construction and operate the power plant, while a local construction company will carry out the construction, and Hyundai Engineering & Construction will supply high-efficiency solar modules. This project, which optimizes the cooperation structure by dividing roles among participating organizations, is being evaluated as an excellent example of public-private collaboration.
The 350MW Lucy Solar Power Plant will be established on a site approximately four times the size of Yeouido, with plans to produce about 926GWh of clean electricity annually. This is equivalent to the amount of electricity that about 260,000 four-person households in Korea can use for one year. The project is expected to contribute to the implementation of RE100 and the achievement of carbon neutrality goals in the future.
The Lucy project is KOMIPO’s third solar power project in Texas, USA. Following the previously implemented Elara (130MW) and Concho Valley (160MW) solar projects, it is expected to solidify KOMIPO’s position in the North American renewable energy market.
This project is the result of KOMIPO successfully concluding two years of permitting, development, and financial structuring processes after signing a joint development agreement with EIP Asset Management in 2023. After approximately two years of construction, commercial operation is set to begin in July 2027, with power production and sales continuing for 35 years thereafter. The generated electricity will be sold through global Power Purchase Agreements (PPAs), with world-renowned companies such as Starbucks, Workday, and Toyota Motor North America currently participating as major consumers.
Based on the Lucy Solar Project, KOMIPO plans to lead business models in the overseas renewable energy market and continuously participate in similar large-scale projects, thereby playing a leading role in the global expansion of the domestic renewable energy industry.