HD Hyundai Electric to Supply Power Equipment Worth 67.8 Billion KRW to Neom City
Saudi Local Power Transmission and Substation Construction Specialist
Signs Contract to Supply Power Equipment for Substations
HD Hyundai Electric signed a contract to supply power equipment for a new substation being built in NEOM City at the Al Gihaz headquarters located in Riyadh, the capital of Saudi Arabia, on the 10th local time. Attending the contract ceremony were Kim Do-gyun, Head of Power Sales Division at HD Hyundai Electric (left), and Sami Al Angari, Vice Chairman of Al Gihaz (right). Photo by HD Hyundai Electric
View original imageHD Hyundai Electric, a power equipment and energy solutions subsidiary of HD Hyundai, is set to build a substation within the Saudi NEOM City project.
On the 10th local time, HD Hyundai Electric announced that it signed a power equipment supply contract worth 67.8 billion KRW with Al Gihaz, a Saudi specialist company in power transmission and substation construction.
The contracted supply is for the 'Mountain Substation' newly established by Al Gihaz in northern Saudi Arabia to ensure stable power supply within NEOM City. HD Hyundai Electric plans to supply a complete package of power equipment required for the substation, including ultra-high voltage transformers, high-voltage circuit breakers, and reactors, by February 2025.
The Saudi NEOM City project is an eco-friendly future city construction initiative that aims to meet 100% of its power consumption with renewable energy. The Mountain Substation is the second substation that Al Gihaz is building in NEOM City. Saudi government investments related to power grid construction are expected to continue expanding to increase eco-friendly power generation capacity in the future.
In fact, through 'Vision 2030' and the 'National Renewable Energy Program,' the Saudi government has set a goal to expand the country's total power generation capacity to 120 GW by 2030, with 58.7 GW, half of the total, supplied by renewable energy.
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An HD Hyundai Electric official stated, "This order is an achievement based on HD Hyundai Electric's excellent quality and technological capabilities," adding, "We plan to actively participate in future large-scale power infrastructure construction projects through customer-tailored strategies."
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