A power transformer made by HD Hyundai Electric & Energy Systems Co. (Yonhap)
SEOUL, June 27 (Korea Bizwire) — South Korean electrical equipment maker HD Hyundai Electric & Energy Systems Co. said Tuesday it has clinched two orders to supply eco-friendly power transformers and other equipment from the United States and Denmark.
HD Hyundai Electric said that its U.S. subsidiary, Hyundai Electric America Corp., had signed a 213.6 billion-won (US$164 million) deal with U.S. energy firm Xcel Energy to provide power transformers.
HD Hyundai Electric, a unit of shipbuilding, oil refining and machinery conglomerate HD Hyundai, will deliver the extra-high voltage transformers in stages between 2025-27, which will be used in Xcel Energy’s power plants to be built in the U.S. states of Texas, Colorado and Minnesota.
It marks the company’s single-largest contract since 2017 when HD Hyundai Electric was spun off from Hyundai Heavy Industries Co.
HD Hyundai Electric said Xcel Energy is an American company taking the lead in providing eco-friendly power grids by investing in renewable energy.
HD Hyundai Electric also said it had inked a 79.2 billion-won contract with Danish project engineering firm Semco Maritime to supply power transformers for offshore substations and related equipment.
They will be delivered to a Polish offshore wind farm in the Baltic Sea, in which Semco Maritime is participating as a lead manager, HD Hyundai Electric said.
HD Hyundai Electric said it will step up efforts to find new business opportunities by keeping close tabs on the growing global renewable energy market.
According to a report from the International Energy Agency, renewable electricity generation is forecast to grow at an annual average rate of 9 percent down the road, accounting for 35 percent of the world’s total power generation in 2025.
(Yonhap)
