Hyundai Engineering secures $310M for US solar project

Apr 29, 2026, 11:08 am

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Location of the Hillsboro solar power plant project in Texas, U.S. / Courtesy of Hyundai Engineering

Hyundai Engineering has secured project financing for its solar power development in the United States, marking a key step in its expansion into renewable energy investment projects.

The company announced on April 29 that it signed a project financing (PF) agreement worth approximately $310 million (about 460 billion won) with a consortium of four financial institutions, including the Korea Development Bank, Crédit Agricole CIB, OCBC Bank, and Siemens Financial Services.

With funding secured, Hyundai Engineering plans to begin construction of the Hillsboro solar power plant within the first half of this year.

The project, located in Hill County, Texas, will have a generation capacity of 200 megawatts and is scheduled for commercial operation by the end of 2027. Once completed, it is expected to produce approximately 476 gigawatt-hours of electricity annually—enough to power about 46,000 households in the U.S.

Notably, the project marks the first overseas renewable energy investment-development initiative led entirely by a Korean construction company, covering the full process from project acquisition and permitting extensions to power purchase agreements (PPA), investment, and financing.

This milestone is seen as a turning point for Hyundai Engineering as it expands beyond its traditional engineering, procurement, and construction (EPC) model into investment-led business operations.

The company said the agreement demonstrates the competitiveness of its integrated business model, combining EPC expertise with investment capabilities, and will serve as a foundation for expanding its role across the global energy value chain, including in North America.

A company official said, “This agreement is meaningful as it marks our first full-scale entry into renewable energy investment development in North America. We will continue to strengthen our position in the global energy market through close collaboration with financial partners.”

Hyundai Engineering is also broadening its portfolio into future energy sectors, including hydrogen production using renewable energy and nuclear power. Earlier this year, it began construction of a water electrolysis-based hydrogen production facility in Boryeong, South Korea, and is developing plant-scale electrolysis systems for large-scale clean hydrogen production.

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