As Texas faces surging power demand from population growth and the expansion of data centers, international developers are moving quickly to bolster the ERCOT grid with massive utility-scale solar investments.
Developers celebrated the groundbreaking of the Lucy Solar project, a 350 MW solar farm located on nearly 2,900 acres of ranchland in Concho County, Texas. The $524 million project represents one of the largest Korean-led renewable energy investments in the state to date and is expected to reach commercial operation by mid-2027.
The project is being developed by a consortium of South Korean and U.S. partners, nicknamed “Team Korea.” The group 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.
The $524 million in capital supports a facility expected to generate an estimated 926 GWh of clean electricity annually.
This additional capacity arrives at a critical juncture for the Texas grid as recent forecasts suggest statewide electricity demand could rise another 14% by mid-2026, driven by a manufacturing boom and the rapid electrification of the state’s economy.
The plant’s output has been pre-sold through long-term virtual power purchase agreements (VPPAs) with major global corporations, including Starbucks and Workday. The agreements allow large energy users to secure carbon-free electrons to meet RE100 sustainability commitments while providing the project with the financial bankability needed for construction.
Beyond providing power to the grid, the project is delivering an economic boost to rural Concho County. According to developers, Lucy Solar will create approximately 500 construction jobs and provide about $5 million per year in local property tax revenue. The funds will support local school districts and essential infrastructure through long-term tax contributions.
The project also includes the RAIN-UP program, which directs a portion of the facility’s revenues to support socially disadvantaged farmers, ranchers, and local community initiatives.
Primoris Renewable Energy is serving as the engineering, procurement, and construction contractor. High Road Energy Marketing, a Texas-based firm, served as the co-developer.
The facility will consist of hundreds of thousands of solar modules mounted on single-axis tracking. Hyundai E&C is responsible for the module supply, partnering with Korean solar specialist Topsun to procure the hardware. Once operational, KOMIPO will oversee the plant’s long-term operations and maintenance.
The solar project highlights how international capital is recalibrating the financial outlook for rural Texas counties while meeting the state’s demand for reliable power.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.