KEY POINTS
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The $524 million Lucy Solar Project, led by a Korean business partnership, is a 350 MW utility-scale solar farm in Concho County, Texas, marking one of the largest Korean-led renewable energy investments in the U.S.
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The project will create approximately 500 construction jobs, generate $5 million annually in local property tax revenue, and help fund community programs.
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The partnership includes major Korean entities like Hyundai E&C and KOMIPO, with all power output pre-sold through long-term agreements to corporations committed to 100% renewable energy, helping meet Texas’s growing electricity demand.
A Korean-led business collaboration has officially broken ground on the $524 million Lucy Solar Project, a 350 MW utility-scale solar farm in Concho County, Texas. The energy project marks one of the largest Korean-led renewable energy investments in the United States and a significant milestone in Texas’ rapidly expanding renewable energy market, according to a statement from Lucy Solar on January 28, 2026.
The launch comes at a time when power infrastructure construction starts are forecasted to see solid growth, driven by evolving dynamics in electricity consumption and investment in artificial intelligence and technology.
Project Overview and Timeline
The Lucy Solar Project will span approximately 2,900 acres of ranchland in Concho County, delivering 350 MW of solar capacity. Equipped with advanced single-axis tracking photovoltaic panels, the plant is designed to maximize energy output, generating an estimated 926 GWh of electricity annually, roughly enough to power around 65,000 homes, according to the Lucy Project statement.
Commercial operations are slated to begin by mid-2027.
Economic Impact on Jobs and Local Revenue
The project is expected to create approximately 500 construction jobs during its build-out phase. Once operational, it will contribute an estimated $5 million annually in local property tax revenue, benefiting schools, infrastructure, and essential services in Concho County.
Project Lucy groundbreaking: From Left to Right, Komipo America President, Byung euk Koh; Primoris Renewable Energy SVP, Brad Hise; The Head of the Consulate at the Consulate of the Republic of Korea in Dallas, KwangHeon Doh, Komipo America President, Youngjo Lee; Hyundai Engineering and Construction COO, Kyeongsoo Kim, EIP Asset Management CEO, Hee-Jun Park, High Road Energy Marketing CEO, Darrick Eugene, EIP Asset Management Managing Director, Nathan Choi, Principal Landowner, Charles Smith. Image: Project Lucy
Key Players and Delivery Model
Primoris Renewable Energy, a division of Primoris Services Corporation, has been selected as the engineering, procurement, and construction (EPC) contractor. Korea Midland Power (KOMIPO) will oversee long-term operations and maintenance, ensuring the Korean utility remains actively engaged throughout the asset’s lifecycle.
The project is spearheaded by a “Team Korea” consortium comprising Hyundai Engineering & Construction, KOMIPO, the Korea Overseas Infrastructure & Urban Development Corporation (KIND), PIS Fund, Topsun, and EIP Asset Management. Texas-based High Road Energy serves as the co-developer.
For Hyundai E&C, this nonresidential construction project represents its largest solar initiative outside Asia, while KOMIPO continues to expand its U.S. renewable energy portfolio with this being its third greenfield development in the country.
Power Offtake and Grid Integration
The plant’s entire output has been pre-sold through long-term virtual power purchase agreements (VPPAs) to major corporate buyers committed to 100% renewable energy and RE100-style sustainability goals.
This power offtake, as it’s known in the utility industry, refers to agreements or arrangements where energy produced by a power generation facility, such as a solar or wind farm, is purchased by another party.
This additional capacity from the Lucy Project will help meet growing electricity demand in Texas, which is projected to rise by 14% by mid-2026 due to population growth, electrification, and the increasing energy needs of data centers and manufacturing facilities.
Community Programs and Local Initiatives
In addition to tax revenues, the project sponsors have launched the RAIN-UP program, which will allocate a portion of project revenues to support socially disadvantaged farmers, ranchers, and nearby communities. This initiative underscores the partnership’s commitment to linking international investment with tangible local economic and quality-of-life improvements in Concho County.
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