Hyundai Engineering Wins 2 Trillion KRW Solar Power Project in Serbia

Hyundai Engineering has secured a solar power project contract worth 2 trillion KRW in Serbia.

According to the construction industry and local Serbian media on the 15th, Hyundai Engineering, together with its U.S. subsidiary and U.S. solar company UGT Renewables, formed a consortium to win the solar power generation project in Serbia.

Hyundai Engineering. Photo by Jinhyung Kang aymsdream@

The project involves constructing a total of 1.2GW (gigawatt) scale solar power plants and energy storage systems in Serbia, then delivering them to the Serbian Electric Power Company. The total contract amount is reported to be 1.48 billion USD, approximately 2 trillion KRW.

This is the first case of a Korean construction company winning a solar power plant project in Serbia, and it is the largest overseas solar power project contract ever secured by a domestic construction company.

The Hyundai Engineering consortium has already been selected as the preferred negotiator and is conducting detailed discussions, with the official contract expected to be signed as early as the 16th.

It is reported that Hyundai Engineering's CEO Hong Hyun-seong has departed for Serbia to finalize the contract.