Key Takeaways
- The $524 million Lucy Solar Project in Texas will generate 926 GWh of clean electricity annually.
- Construction will create approximately 500 jobs and provide nearly $5 million in annual property tax revenue for the local community.
- The project is set to reach commercial operation by mid-2027, highlighting increased South Korean investment in U.S. renewable energy.
Overview of the Lucy Solar Project
Construction has commenced on the $524 million Lucy Solar Project in Concho County, Texas, spearheaded by “Team Korea,” which includes EIP Asset Management, Hyundai Engineering & Construction, and several other partners. This 350-megawatt solar facility is expected to generate around 926 gigawatt-hours of clean electricity each year, capable of powering tens of thousands of homes.
The project is significant, as it underscores the growing international faith in Texas as a prime location for large-scale renewable energy initiatives. Approximately 500 jobs will be created during the construction phase, providing a notable uplift to the local workforce.
In terms of local economic benefits, the project will bring nearly $5 million annually in property tax revenue, which will support schools, infrastructure enhancements, and vital public services in Concho County. The solar farm will cover nearly 2,900 acres of ranchland and utilize advanced photovoltaic panels with sun-tracking systems, optimizing energy production throughout the day.
Growth Among Korean Energy Firms
For Hyundai E&C, the Lucy Solar Project marks its largest solar development outside Asia, while KOMIPO is undertaking its third greenfield renewable energy venture in the U.S. This initiative is part of a larger trend of increasing South Korean investment in U.S. renewable energy sectors, especially in Texas and other states favoring energy development.
Electricity from the Lucy Solar Project has been pre-sold through long-term virtual power purchase agreements (VPPAs) with major corporate clients. These agreements are instrumental in helping companies meet sustainability targets while enabling Texas to further diversify its energy portfolio.
Construction and Operational Timeline
Primoris Renewable Energy, part of Primoris Services, is handling the engineering, procurement, and construction aspects of the project. Once operational, KOMIPO will take charge of long-term operations and maintenance. The facility is projected to begin commercial operation by mid-2027, further contributing to the expansion of Texas’ clean energy infrastructure.
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