South Korea's Hyundai Heavy (HHI) continues its move into the renewable energy industry. The company signed a $700 million contract to build two utillity-scale solar power plants in Arizona, according to a Yonhap News Agency story.
One of the plants planned for 150-megawatts, would be one of the largest photovoltaic plants in the world upon completion by the end of 2012. The other plant is planned for 25 MW.
The contract is with Matinee Energy, Inc., a company that signed a memorandum of understanding (MOU) with HHI earlier this year for development of up to 900 MW of solar power in Arizona and California. Korea's LG Electronics (LGERF.PK) was also part of that MOU, though the company does not appear to be involved in this project.
HHI said it will manufacture solar modules for the projects at one of its facility in South Korea.
HHI also signed a MOU with Raser Technologies (NYSE: RZ) earlier this year for project development. Raser specializes in geothermal energy and electric drives for trucks.
