February 2, 2026
A Korean-led development group that includes: Hyundai Technology & Construction has broken ground on a $524 million, 350 MW solar project in Texas.
Project Lucy is a large-scale solar energy project led by “Team Korea” – a consortium consisting of private companies, government companies and policy funds, including Hyundai E&C, Korea Midland Power (KOMIPO), Korea Overseas Infrastructure & Urban Development Corp. (KIND), Energy Innovation Partners (EIP) Asset Management and Global Plant-Infrastructure-Smart City (PIS) Fund – to build and operate a solar power plant in Concho County, northwest of Austin, Texas.
“This project is a major win for Concho County, providing jobs, resources and long-term revenue that will benefit the local community,” said Darrick Eugene, CEO of Energy marketing for high roadsthe project’s Texas-based co-developer. “By working with global companies, we demonstrate how global energy investments can directly boost our local economy and quality of life.”
The groundbreaking ceremony was rescheduled due to inclement weather, as executives from the consortium’s partner companies and local dignitaries gathered in Dallas to celebrate the start of construction on the plant.
The complex will be commercially operational in mid-2027, will cover almost 2,900 hectares of ranchland and will consist of hundreds of thousands of PV panels. Primoris renewable energya division of Primoris Services Corp., will act as engineering, procurement and construction (EPC) contractor, with KOMIPO managing plant operations and long-term maintenance. The Lucy Solar Project shows how international collaboration can deliver local economic development and clean energy to Texas communities and businesses.
Expanding Korean Investment in U.S. Solar Energy
The utility-scale solar farm represents one of the largest Korean-led renewable energy investments in the United States and is expected to create approximately 500 construction jobs and generate approximately $5 million per year in local property tax revenue once it becomes operational in mid-2027. Lucy Solar will generate an estimated 926 GWh of sustainable electricity annually.
The investment will support local schools, infrastructure and essential services in Concho County through long-term property tax revenue. The project also includes the RAIN-UP program, which dedicates a portion of project revenues to supporting socially disadvantaged farmers, ranchers and local communities.
Lucy Solar reflects an accelerating trend of South Korean investment in renewables and manufacturing in the United States. For Hyundai E&C, the project is the largest solar initiative outside Asia, while for KOMIPO it marks the company’s third in a series of U.S. greenfield sustainable development projects.
This additional renewable energy capacity comes at a critical time as demand for electricity in Texas grows due to population growth, electrification and the expansion of major electricity users such as data centers and manufacturing facilities. One forecast predicts a further 14% increase in statewide electricity demand by mid-2026 unless new sources become available. The plant’s production has been pre-sold through long-term virtual energy purchase agreements (VPPAs) to major companies committed to 100% renewable energy.
Following the signing of the project fund investments and business rights acquisition agreements in 2023, and the completion of various permits and due diligence for the management of the local power grid the following year, the project successfully obtained financing and completed preparatory processes such as soil investigation and detailed design last year. This groundbreaking ceremony marks the start of main construction, which will include the installation of solar trackers, high-voltage equipment and solar panels. Completion of construction and start of commercial operation are scheduled for July 2027.
A Hyundai E&C official said: “Project Lucy is a milestone project that marks Hyundai E&C’s full entry into the North American renewable energy market, and is significant as it marks the first major tangible achievement since announcing our energy-focused growth strategy last year.”
Pictured above: Project Lucy breaks new ground. From left to right: Komipo America President Byung euk Koh; Primoris Renewable Energy SVP, Brad Hise; the Head of Consulate of the Consulate of the Republic of Korea in Dallas, KwangHeon Doh, Komipo America President, Youngjo Lee; Hyundai Engineering and Construction COO, Kyeongsoo Kim, CEO of EIP Asset Management, Hee-Jun Park, CEO of High Road Energy Marketing, Darrick Eugene, Managing Director of EIP Asset Management, Nathan Choi, Principal Landowner, Charles Smith.
