Crédit Agricole CIB supports Hyundai Engineering's entry into the US renewables sector

Closed on 29 April, the $256 million project level financing comprises of construction and bridge loans, letter of credit and working capital facilities. Crédit Agricole CIB served as exclusive financial advisor, providing debt advisory, tax equity advisory and M&A advisory. Crédit Agricole CIB also led the financing as Coordinating Lead Arranger, Administrative Agent, and Swap Coordinator.

The Hillsboro solar project located in Hill County, Texas, is scheduled to break ground in the second quarter of 2026, with commercial operations expected in late 2027.

Hillsboro’s strategic purpose is to decarbonise the Hyundai Motor Group (HMG)’s US manufacturing footprint through renewable energy credits. Multiple Hyundai subsidiaries are power purchase agreement offtakers and receive renewable energy credits as the project generates renewable electricity. The project is a major milestone under HMG’s RE100 decarbonisation pledge to source 100% renewable electricity by 2050. It is also part of HMG's broader $21 billion commitment announced in 2025 to expand US manufacturing and renewable energy infrastructure.

Established in 1974, Hyundai Engineering Co., Ltd. (HEC) is a global engineering company and subsidiary of Hyundai Motor Group. Headquartered in Seoul with 59 international offices and over 7,000 employees, HEC has delivered 700 projects worldwide across renewables, power, and infrastructure sectors, including 25.7 GW in energy projects. The company currently manages a 500 MW renewable energy portfolio globally.