Signed a 42.8 Billion Contract with Mozambique National Electric Power Authority
Hyosung Heavy Industries has launched an offensive in the African power market by securing a large-scale power equipment supply and substation expansion project in Mozambique.
Hyosung Heavy Industries held a contract signing ceremony on the 4th at the InterContinental Seoul COEX Hotel in Gangnam-gu, Seoul, for a large-scale supply of power equipment to Mozambique during the 'Korea-Africa Summit Contract MOU Signing Ceremony.' Attending the event were Woo Tae-hee, CEO of Hyosung Heavy Industries (left), Jeong In-gyo, Director General of the Trade Policy Bureau at the Ministry of Trade, Industry and Energy (center), and Marcelino Alberto, CEO of Mozambique's state-owned power company EDM (right). [Photo by Hyosung Heavy Industries]
On the 4th, Hyosung Heavy Industries announced that it held a contract signing ceremony for a 42.8 billion KRW Mozambique power grid reinforcement project with EDM, Mozambique's state-owned power company, at the '2024 Korea-Africa Summit Contract MOU Signing Ceremony' held at the InterContinental Seoul COEX Hotel in Gangnam-gu, Seoul.
This project aims to improve Mozambique's power infrastructure, as the country is expected to see an increase in power consumption through the replacement and expansion of aging transformers and surrounding substation equipment.
Hyosung Heavy Industries plans to replace and expand 14 units of 220kV ultra-high voltage transformers by 2029 and also improve the facilities and increase the capacity of aging substations.
Hyosung Heavy Industries first entered the African power market in 2013 by winning a turnkey project that included the construction of a gas-insulated switchgear (GIS) substation and the expansion of an air-insulated switchgear (AIS) substation as part of the electrification project in the Gaza region of Mozambique.
Since then, the company has established a corporation in South Africa and expanded its presence in the African market by participating in power equipment supply and substation construction projects involving ultra-high voltage transformers and energy storage systems (ESS) in Namibia, Ethiopia, South Africa, Tanzania, and other countries.
Woo Tae-hee, CEO of Hyosung Heavy Industries, said, "With this Mozambique order in Africa as a turning point, we plan to accelerate technology development and acquire new customers to grow into a top-class supplier in the African power market."
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