Hyundai Engineering-KIND Sign MOU for Renewable Energy Development

Hong Hyun-sung, CEO of Hyundai Engineering (left), and Lee Kang-hoon, President of Korea Overseas Infrastructure & Urban Development Corporation (right), are posing for a photo.

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Hyundai Engineering announced on the 29th that it has signed a Memorandum of Understanding (MOU) with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) for the joint development of renewable energy power generation projects.

The signing ceremony, held at Hyundai Engineering's headquarters in Gye-dong, was attended by Hong Hyun-sung, CEO of Hyundai Engineering, Lee Kang-hoon, President of KIND, and other officials, who discussed the future direction of the project before formalizing the agreement.

Through this MOU, both companies plan to collaborate across all areas of project development?including feasibility studies, project development, financing, construction, and operation?for renewable energy power generation projects in Europe and South America.

Hyundai Engineering and KIND have previously collaborated on the Poland 'Polimery Police PDH/PP Plant Project.'

Launched in 2018, KIND selected this project as its first investment in the European region, and based on Hyundai Engineering’s plant design and construction expertise, successfully secured the final contract in 2019, demonstrating the excellent capabilities of the 'Overseas Construction Team Korea.'

Hyundai Engineering is expanding its portfolio in next-generation energy sectors. In August last year, Hyundai Engineering signed an MOU for joint development of an offshore wind power project near Chuja-do Island, Jeju, together with Equinor Korea (a Norwegian state-owned integrated energy company), LG Chem, and two other companies.

This project involves constructing an offshore wind power complex with a generation capacity of 3GW near Chuja-do Island, Jeju, and the five companies, including Hyundai Engineering, are in close consultation to actively advance the project.

A Hyundai Engineering official stated, “This MOU with KIND will accelerate our development of renewable energy-related projects,” adding, “We will continue to actively pursue next-generation energy business development to become a company that creates a sustainable future.”

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