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HD Hyundai Electric wins $51 mn deal to power NEOM megacity

HD Hyundai Electric Co., the electrical equipment and energy solution company under South Korea’s shipbuilding giant HD Hyundai Co., has won a 67.8 billion won ($51 million) deal to supply substation equipment for Saudi Arabia’s smart and green city NEOM, the Korean company announced on Monday. Under the contract signed with Al Gihaz Contracting Company Saudi Arabia on Sunday, the Korean company will provide transformers, high-voltage circuit breakers and reactors in a package for the Saudi Arabian power company’s substation project dubbed NEOM Mountain by February 2025.

HD Hyundai Electric hopes the latest deal will pave the way for other major electricity generation and distribution infrastructure deals in the oil-rich country that is seeking to reduce its reliance on black gold for revenue with major futuristic city and infrastructure projects backed by smart and green technologies.

Read the full story at Korea Economic Daily

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