The Project Is Expected To Generate 476GWh Annually And Cut 178,000 Tons Of Emissions, Supporting Hyundai Group's RE100
Headquarters building of Korea Development Bank (KDB).
Korea Development Bank (KDB) announced on April 29 that it has completed the project financing (PF) arrangement for a solar power generation project in Hillsboro, Texas, the United States, on April 27 (local time).
The project involves Hyundai Engineering constructing and operating a 200-megawatt (MW) solar power plant in Hill County, Texas, with Hyundai Motor Group’s U.S. subsidiaries purchasing the generated electricity and renewable energy certificates (RECs) under a long-term (15-year) agreement.
KDB projected that the project will secure more than 476GWh of renewable energy annually and reduce approximately 178,000 tons of greenhouse gas emissions, contributing to the achievement of Renewable Electricity 100% (RE100), which requires the use of electricity generated entirely from renewable sources) by the U.S. subsidiaries.
The project also serves as a model of joint entry into the North American renewable energy market under the ‘K-developer, K-equipment, K-finance’ framework, with domestic companies supplying solar modules (HD Hyundai Energy Solutions) and transformers (LS Electric).
KDB stated, “This financial support holds great significance in helping the local plants of export companies secure a stable supply of clean energy, while also supporting domestic power equipment manufacturers in opening new overseas markets,” adding, “Starting with this project, we expect domestic companies’ entry into overseas renewable energy markets to be further activated.”
Jung Suk-yee
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