Hyundai Engineering Partners with Macquarie GIG for Joint Development of Renewable Energy Power Generation

Joint Development of Renewable Energy Projects Including Wind, Solar, Fuel Cells, and Hydrogen in Collaboration with Macquarie GIG
Promotion of Renewable Energy Projects in Jeonbuk, Jeonnam, Busan, Including the Saemangeum Onshore Solar Power Zone 1 Project

Kim Chang-hak, CEO of Hyundai Engineering (right), and Vinit Mohan, EPC Head of Macquarie Green Investment Group, held a non-face-to-face MOU signing ceremony on the 21st and took a commemorative photo.

Hyundai Engineering is joining forces with Macquarie Green Investment Group (GIG), a global green energy development and investment specialist, to actively advance renewable energy power generation projects and the development of the hydrogen economy.

On the 23rd, Hyundai Engineering announced that on the 21st, Kim Chang-hak, CEO of Hyundai Engineering, and Vineet Mohan, Global Head of EPC at Macquarie GIG, along with other officials, signed a memorandum of understanding (MOU) for "joint development cooperation of renewable energy power generation projects" via a video conference.

Based on this MOU, Hyundai Engineering and GIG plan to jointly develop renewable energy projects such as wind power, solar power, fuel cells, and hydrogen in South Korea, leveraging their abundant experience, resources, and technologies. According to the agreement, Hyundai Engineering will support business development related to renewable energy power generation projects, make equity investments, and perform EPC (Engineering, Procurement, Construction), while GIG will handle renewable energy project development, equity investment, and project management.

Hyundai Engineering recently established the Eco Energy Business Division to accelerate the expansion of solar power, offshore wind power, and fuel cell power generation projects. The company plans to continuously participate in solar power projects in the Saemangeum area, including the upcoming 100MW scale "Saemangeum Onshore Solar Power Zone 1 Project," and also engage in offshore wind power projects under development in Jeonbuk, Jeonnam, and Busan, moving forward with full-scale project promotion.

A Hyundai Engineering official stated, "This MOU represents an opportunity to lay the foundation for revitalizing South Korea's renewable energy industry through cooperation between our company, which has extensive experience and know-how in power generation and offshore construction, and a global renewable energy development specialist." He added, "We plan to focus our capabilities on closely cooperating and communicating with Macquarie GIG, which has outstanding experience in each field, to achieve meaningful results."

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