Team Korea lands $447 mn solar power project in US

A group of six South Korean companies dubbed "Team Korea," which comprises private companies such as SK Ecoplant, public companies and a government policy fund, has won a massive solar power project in the US worth $447.6 million (600 billion won).

Industry sources on Sunday said the government-run Korea Overseas Infrastructure and Urban Development Corp. (KIND) and Global Plant, Infrastructure and Smart City (PIS) Fund and private companies SK Ecoplant, Hyundai Engineering & Construction (E&C), EIP Asset Management and solar power company Topsun will take part in the project in Concho County, Texas, under a related fund that EIP plans to set up. The contract on fund investment was signed on Wednesday and that on acquisition of business rights on Thursday.

This project seeks to build a 459-megawatt solar power plant in the county for the sale of electricity at a cost of about 600 billion won on a site of 11.7 square km. After completion, the facility will produce and sell 852 gigawatt hours of electricity every year for 35 years, a volume sufficient for a million people in 240,000 households based on the monthly average of 300 kilowatt hours used by a four-member household.

The generated power will be sold to global big tech companies.

This is the culmination of cooperation among the six corporations, small and medium enterprises (SME), public companies and policy fund from the development stage as Team Korea to win a major project.

Specializing in investment and operation of new and renewable energy and infrastructure, EIP in June last year secured the exclusive rights to the venture and propelled the project forward through collaboration with KIND, Samsung Asset Management, which manages the PIS Fund, and a domestic energy company.

SK Ecoplant has secured the project's exclusive rights for engineering, procurement and construction (EPC) and plays an important role in equity investment. It possesses capabilities in the overall energy sector from production and distribution of green hydrogen to development of renewable energy, EPC and operations.

Topsun, an SME launched in 2008, is a leading South Korean solar power company to supply solar modules to the project with Hyundai E&C.

"Following the project for green hydrogen commercialization in Canada in May and now this Texas solar energy venture, we're taking part in North America's energy sector," SK Ecoplant CEO Park Kyung-il said. "As an energy company, we will provide diverse energy solutions through the development of global renewable energy."

Write to So-Hyeon Kim at alpha@hankyung.com