HD Hyundai Electric’s power transformer.
SEOUL, Sept. 12 (Korea Bizwire) – HD Hyundai Electric, a company specializing in power equipment and energy solutions, is joining the effort to construct a substation for the Neom project in Saudi Arabia.
On Monday, HD Hyundai Electric announced that it had signed a contract worth KRW 67.8 billion to provide power equipment to Al Gihaz, a Saudi company known for its expertise in building transmission and substation facilities. The agreement was sealed on September 10.
The equipment will be delivered to the Mountain Substation, which Al Gihaz is constructing in the northern region of Saudi Arabia. This substation is vital for ensuring a reliable power supply to Neom.
HD Hyundai Electric will supply all the necessary power equipment, including high-voltage transformers, medium-voltage circuit breakers, and reactors, in a package format, with delivery expected by February 2025.
Neom is an innovative city project committed to environmental sustainability. It aims to power the entire city with 100 percent renewable energy sources. The Mountain Substation will be the second such facility built by Al Gihaz in Neom.
Saudi Arabia’s government has ambitious plans outlined in Vision 2030 and the National Renewable Energy Program, aiming to increase the country’s total electricity production to 120 gigawatts (GW) by 2030, with half of that, or 58.7 GW, coming from renewable energy sources.
An official from HD Hyundai Electric expressed the company’s commitment to actively participate in future large-scale power infrastructure projects, employing customized strategies to contribute to the energy sector.
Kevin Lee (kevinlee@koreabizwire.com)
