The Hillsboro Solar Power Plant in Hill County, Texas has secured $310 million in project financing from a consortium of four international lenders, marking a significant milestone in the push to expand renewable energy capacity across the United States.
The 200-megawatt facility reached its financing agreement with Korea Development Bank, France’s Crédit Agricole CIB, Singapore’s OCBC Bank, and Germany’s Siemens Financial Services — a lineup that reflects the growing appetite of global capital markets for American clean energy infrastructure.
Construction start
Construction begins in the first half of this year, with the plant targeting commercial operation by end of 2027. Once online, the facility will generate approximately 476 gigawatt-hours of electricity annually — enough to power around 46,000 American homes.
The project is being developed by South Korea’s Hyundai Engineering, which took an unusually hands-on role in bringing it to life. Rather than serving as a contractor hired to build a pre-planned project, the company drove the entire development process — from acquiring business rights and securing permits, to negotiating a Power Purchase Agreement and arranging the financing package. It is the first time a South Korean construction firm has led an overseas renewable energy project end-to-end in this way.
That shift in approach — from builder to investment developer — carries wider significance for the industry. By controlling more of the value chain, developers can capture returns that typically flow to financial sponsors and project originators, while also exercising greater influence over project design and timelines.
For Hyundai Engineering, Hillsboro represents the opening move in a broader North American renewable energy strategy. As the company looks to diversify beyond South Korea’s domestic construction market, which remains heavily exposed to fluctuations in the housing sector. The firm has been expanding its energy portfolio across renewables, hydrogen, and nuclear power. Last year winning a contract to design a next-generation research reactor for the University of Missouri.
A growing list of internationally financed solar developments
The plant now joins a growing list of internationally financed solar developments reshaping the Texas energy landscape, as the state continues to attract significant clean energy investment.
The Hillsboro project is not South Korea’s first solar bet on Texas. In January 2026, a six-company South Korean consortium known as “Team Korea” broke ground on the Lucy Solar Project — a 350-megawatt, $524 million facility in Concho County, roughly 200 miles west of Hill County. That project, led by Hyundai Engineering & Construction and Korea Midland Power, is already the largest Korean-led solar investment in the United States. Together, the two projects signal a deepening pattern of South Korean capital flowing into Texas renewable energy infrastructure.
Fact Sheet: Hillsboro Solar Power Plant
The Project
- Project Name: Hillsboro Solar Power Plant
- Location: Hill County, Texas, USA
- Developer: Hyundai Engineering, South Korea
- Project Type: Utility-scale solar / Investment Development
Capacity & Output
- Generation Capacity: 200 MW
- Annual Electricity Output: 476 GWh
- Households Powered: 46,000 American homes
Timeline
- Construction Start: First half of 2025
- Target Commercial Operation: End of 2027
Financing
- Total Project Financing: $310 million
- Agreement Date: April 29, 2025
- Korea Development Bank — South Korea
- Crédit Agricole CIB — France
- OCBC Bank — Singapore
- Siemens Financial Services — Germany
Why It Matters
- First overseas renewable energy project fully led end-to-end by a South Korean construction company
- Developer designed the business framework from scratch, going beyond a traditional EPC role
- Marks Hyundai Engineering’s first renewable energy investment development venture in North America
