Hyundai E&C to form private-public partnership for US solar power

South Korea's Hyundai Engineering & Construction Co. (Hyundai E&C), Korea Midland Power Co., and the Korea Overseas Infrastructure & Urban Development Corp. (KIND) are embarking on a joint development of solar power projects in the US.

Hyundai E&C announced on Thursday it signed a strategic business memorandum of understanding (MOU) with Korea Midland Power and KIND for the Joint Development of Solar Power Projects in the US.

Through this agreement, the parties will collaborate on the development, construction, and operation of solar and related power projects in the US. They explore ways to enhance project profitability and feasibility and share information for joint project implementation.

According to the US Solar Energy Industries Association and Wood Mackenzie, solar energy's share in new power generation facilities in the United States has increased to 46% (as of 2022), more than triple the percentage from a decade ago (15%).

Hyundai E&C specializes in solar power engineering, procurement and construction (EPC). Korea Midland Power leverages its experience in power generation to ensure a stable power supply, while KIND is responsible for project discovery, feasibility studies and financial support.

Hyundai E&C and KIND are currently developing a 459 MW solar power plant in Concho County, central Texas. Korea Midland Power is engaged in the development and operation of the Elara solar project (130 MW) and the Concho Valley solar project (160 MW) in the United States.

"We are involved in the development of energy technologies, including solar, hydrogen, offshore wind, small modular reactors, and carbon capture, utilization, and storage (CCUS)," a Hyundai E&C source said. "We will continue to secure future growth drivers through the development of advanced markets for renewable energy and other business ventures."

Write to Eun-Ji Shim at summit@hankyung.com