Hyundai Engineering & Construction announced on Nov. 8 that it has signed a strategic business agreement with Korea Midland Power and the Korea Overseas Infrastructure & Urban Development Corporation (KIND) to jointly develop solar power generation projects in the United States.
Through this agreement, each company will cooperate in the development, construction, and operation of solar and related power generation projects in the U.S. They aim to actively participate in and contribute to the U.S. power generation market by exchanging information and jointly promoting these projects.
In the U.S., the proportion of new power generation facilities using solar energy has increased significantly from 15% ten years ago to 46% in 2022. The companies plan to establish a public-private partnership and actively participate in the expanding U.S. solar power market. They intend to focus their capabilities across all aspects of the project, from development and construction to operation, leveraging the synergy between public institutions, public enterprises, and private companies.
Hyundai Engineering & Construction will concentrate on the development, design, construction, and procurement in the solar power sector, leveraging its long-accumulated construction capabilities and global network. Korea Midland Power will be responsible for the stable supply of electricity through its operational expertise, while KIND will take on the role of project discovery and financial support based on its cooperative relationships with key related institutions.
A representative from Hyundai Engineering & Construction stated, “In order to proactively respond to climate change, we are concentrating our efforts on next-generation energy transition projects, including actively participating in the development and demonstration of energy technologies such as solar power, hydrogen, offshore wind power, and small modular reactors.”