Korean-Led $524 Million Lucy Solar Project Celebrates Groundbreaking in Dallas

350 MW solar farm to power 65,000 homes, creating 500 jobs and $5 million in annual tax revenue for Concho County

DALLAS--(BUSINESS WIRE)--Yesterday, global energy leaders celebrated the groundbreaking of the Lucy Solar Project, a 350-megawatt (MW) utility-scale solar farm located in Concho County. The ceremony, relocated due to weather, officially kicked off construction of the $524 million project – one of the largest Korean-led renewable energy investments in the United States – expected to create approximately 500 construction jobs and provide about $5 million per year in local property tax revenue once operational mid-2027. Lucy Solar will generate an estimated 926 gigawatt-hours (GWh) of clean electricity annually, enough to power roughly 65,000 Texas homes.

The investment will support local schools, infrastructure and essential services in Concho County through long-term property tax revenue. The project also includes the RAIN-UP program, which directs a portion of the project’s revenues to support socially disadvantaged farmers, ranchers and local communities.

Project partners emphasized the local economic benefits of the investment. “This project is a great win for Concho County – it’s bringing jobs, resources and long-term revenue that will benefit the local community,” said Darrick Eugene, CEO of High Road Energy Marketing, the Texas-based co-developer of the project. “By partnering with international firms, we’re showing how global energy investment can directly boost our local economy and quality of life.”

International Partnership Powers Texas Renewable Growth

The Lucy Solar Project is being developed by a consortium of South Korean and U.S. partners, highlighting the growing role of international investment in Texas energy infrastructure. The Korean-led group – nicknamed “Team Korea” – includes Hyundai Engineering & Construction (Hyundai E&C), Korea Midland Power (KOMIPO), the Korea Overseas Infrastructure & Urban Development Corporation (KIND), PIS Fund, Topsun, and investment manager EIP Asset Management.

Lucy Solar is among the largest Korean-led utility-scale solar investments in the U.S., reflecting an accelerating trend of South Korean investment in renewables and manufacturing across states such as Texas. For Hyundai E&C, the project is its largest solar initiative outside Asia, while for KOMIPO it marks the company’s 3rd project in a series of U.S. greenfield renewable development projects.

Clean Energy for the Texas Grid and Corporate Offtakers

This additional clean energy capacity comes at a crucial time: Texas’ power demand is growing due to population growth, electrification and the expansion of large electricity users such as data centers and manufacturing facilities, with one forecast projecting a further 14% rise in statewide electricity demand by mid-2026 unless new resources come online. The plant’s output has been pre-sold through long-term virtual power purchase agreements (VPPAs) to major corporations committed to 100% renewable energy. By delivering clean power to these companies, the project supports corporate sustainability goals (e.g. RE100 commitments) while also contributing to Texas’ efforts to diversify its energy mix.

Executives from the consortium’s partner companies and local dignitaries gathered in Dallas yesterday to celebrate the beginning of construction of the plant. Slated to reach commercial operation by mid-2027, it will span nearly 2,900 acres of ranchland and consist of hundreds of thousands of photovoltaic panels that track the sun to maximize energy output. Primoris Renewable Energy, a division of Primoris Services Corporation, will serve as the engineering, procurement and construction (EPC) contractor, with KOMIPO managing plant operations and maintenance long-term. The Lucy Solar Project shows how international collaboration can deliver local economic development and clean power for Texas communities and businesses.