Hyundai Heavy, LG may join $1 billion U.S. solar project

Hyundai Heavy, LG may join $1 billion U.S. solar project

Matinee Energy Inc., a U.S. based renewable energy company, said it invited Hyundai Heavy Industries Co. and LG Electronics Inc. to become partners in a $1 billion solar project.



Matinee signed a preliminary agreement with the Korean companies, the solar power projects developer said in a statement on Sunday, without saying where the plant would be built.


Hyundai and LG earlier said they were named preferred bidders for a solar-power order worth $1 billion from Matinee Energy. The order is to build 240 megawatts of capacity, Kim Kwang Kook, a spokesman for Hyundai Heavy, and Lee Jin-se, a spokesman for LG Electronics, said separately by phone.


Hyundai and LG are the latest Korean companies to announce plans for overseas renewable energy markets in a bid to diversify their revenue sources. Samsung C&T Corp., the nation’s second-largest construction company, and ENCO Utility Services of the U.S. plan to build solar-power plants in California. In January, Samsung announced a $6.7 billion wind and solar power project with state-run Korea Electric Power Corp. in Ontario.