HD Hyundai Electric Wins Major Contracts to Supply Eco-Friendly Power Transformers to US and Denmark
South Korean electrical equipment manufacturer HD Hyundai Electric & Energy Systems Co. has secured two significant orders to supply eco-friendly power transformers and related equipment to the United States and Denmark.
The company's U.S. subsidiary, Hyundai Electric America Corp., has signed a contract worth 213.6 billion won (US$164 million) with U.S. energy firm Xcel Energy to provide power transformers for their upcoming power plants in Texas, Colorado, and Minnesota. HD Hyundai Electric will deliver the extra-high voltage transformers in phases between 2025 and 2027. This agreement represents the company's largest contract since its spin-off from Hyundai Heavy Industries Co. in 2017.
In addition to the U.S. deal, HD Hyundai Electric has also inked a contract worth 79.2 billion won with Danish project engineering firm Semco Maritime. The contract entails supplying power transformers and associated equipment for offshore substations. The equipment will be delivered to a Polish offshore wind farm in the Baltic Sea, where Semco Maritime is serving as a lead manager. HD Hyundai Electric expressed its commitment to capitalizing on the expanding global renewable energy market and actively seeking new business opportunities. As per the International Energy Agency's report, renewable electricity generation is projected to grow by an average annual rate of 9 percent, accounting for 35 percent of the world's total power generation by 2025.
Source: en.yna.co.kr
