Hyundai Engineering said on the 29th that it signed a project financing (PF) agreement for a U.S. solar power project and will move to expand its energy business portfolio.
Hyundai Engineering secured about 460 billion won in funding for the 200MW (megawatt) "Hillsboro solar power plant" project and will push the project with the goal of starting commercial operations in 2027. Four global financial institutions, including Korea Development Bank (KDB), took part in the financing agreement.
The project marks Hyundai Engineering's full-fledged entry into North America's renewable energy investment and development business and will be pursued based on a business model that combines its EPC execution experience with investment and development capabilities. The company plans to use this to expand its footing in the global energy market.
Hyundai Engineering, together with Korea South-East Power (KOEN), completed the "Saemangeum onshore solar zone 1 power generation project" in 2021. The project, built at a 99MW scale as a new and renewable energy project, was evaluated as a local coexistence model through participation by local corporations and the use of local equipment, the company said.
It is also expanding its business domain into hydrogen production based on renewable energy and into nuclear power. In Boryeong, South Chungcheong, it is carrying out a project to build a hydrogen production base using water electrolysis and is also pushing the development of a plant-type water electrolysis system. In addition, it is achieving results in the nuclear sector, such as winning an order for early-stage design work for next-generation research at the University of Missouri in the United States.
A Hyundai Engineering official said, "This financing agreement serves as a springboard to accelerate our entry into North America's renewable energy investment and development business," adding, "Based on cooperation with domestic and overseas financial institutions, we will strengthen our footing in the global energy market."