A Texas utility-scale solar project has reached a major financing milestone as developers broke ground on the 350-megawatt Lucy Solar facility in Concho County. Backed by $524 million in capital from a Korean-led investment consortium, the project is among the largest international renewable energy investments currently underway in the state.
The Lucy Solar facility spans nearly 2,900 acres of ranchland and is expected to begin commercial operations by mid-2027. Once online, the Texas utility-scale solar project is projected to deliver around 926 gigawatt-hours of electricity annually, strengthening the ERCOT grid at a time when statewide power demand is forecast to rise sharply.
The consortium responsible for delivering the project is made up of South Korean and U.S. partners Hyundai Engineering & Construction, Korea Midland Power, Korea Overseas Infrastructure & Urban Development Corporation, PIS Fund, Topsun and EIP Asset Management. The consortium aggregated project financing, engineering, and long-term operations under one development vehicle.
All power generated by the facility has been contracted through long-term virtual power purchase agreements with multinational corporations such as Starbucks and Workday. These agreements provide predictable revenue for the project while supporting corporate decarbonisation targets.
Beyond grid support, the development is expected to bring material economic benefits to Concho County. Construction is forecast to create roughly 500 jobs, while ongoing operations are expected to contribute about $5 million annually in local property tax revenue for schools and infrastructure.
The project also incorporates a community benefit initiative that allocates a portion of revenues to support socially disadvantaged farmers, ranchers, and local development programmes.
Engineering, procurement, and construction services are being provided by Primoris Renewable Energy, with High Road Energy Marketing acting as co-developer. The facility will deploy single-axis tracking systems using modules supplied through Hyundai E&C in partnership with Topsun. Korea Midland Power will oversee long-term operations and maintenance following commissioning.
The Lucy Solar development underscores how global capital is accelerating deployment of large-scale renewables in Texas, reinforcing rural economies while addressing mounting electricity demand.