Hyundai Engineering is accelerating its expansion into the North American renewable energy market after securing approximately $310 million in project financing (PF) for a solar power project in the United States.
The company announced on April 29 that it signed a financing agreement with a consortium of four domestic and international financial institutions, including Korea Development Bank, Crédit Agricole CIB, OCBC Bank, and Siemens Financial Services.
The secured funds will be used to construct the Hillsboro Solar Project in Hill County, Texas. The project will have a capacity of 200 megawatts (MW) and is scheduled to begin construction in the first half of this year, with commercial operations targeted by the end of 2027.
Once completed, the facility is expected to generate approximately 476 gigawatt-hours (GWh) of electricity annually, enough to supply power to around 46,000 households in the United States.
Hyundai Engineering noted that the project marks its first overseas renewable energy development in which the company has led the entire process—from acquisition of development rights to permitting, power purchase agreement (PPA), investment attraction, and financial structuring. This represents a significant shift from its traditional engineering, procurement, and construction (EPC)-focused business model toward investment and development.
The company plans to use this project as a stepping stone to strengthen its presence in the global energy market, including North America. By combining its EPC expertise with investment and development capabilities, Hyundai Engineering aims to expand its role across the entire energy value chain.
Previously, the company gained experience in renewable energy through the completion of the Saemangeum onshore solar project (99 MW) in partnership with Korea East-West Power in 2021. The project was also recognized for promoting regional cooperation by involving local small and medium-sized enterprises in construction and equipment supply.
In addition to solar energy, Hyundai Engineering is expanding into next-generation energy sectors such as hydrogen and nuclear power. Earlier this year, the company began construction of a water electrolysis-based hydrogen production facility in Boryeong, South Korea, and is currently developing electrolysis systems for large-scale clean hydrogen production.
Last year, Hyundai Engineering also secured an early-stage design contract for a next-generation research reactor project with the University of Missouri in the United States, further strengthening its foothold in advanced energy technologies.
A company official said, “This project financing agreement marks an important milestone in our entry into North America’s renewable energy investment and development sector. We will continue to enhance our competitiveness in the global energy business through collaboration with leading financial institutions.”
