HD Hyundai wins $72 mn power equipment order in Saudi

HD Hyundai Electric Co., the electrical equipment and energy solution company under South Korea’s shipbuilding giant HD Hyundai Co., has won a 94.3 billion won ($72.3 million) deal to supply power equipment for Saudi Arabia's new city development project near the Diriyah archaeological site. 

The company announced on Friday that it signed a supply contract with Saudi Arabia's engineering, procurement, and construction (EPC) firm for transformers, high-voltage circuit breakers, reactors, and more.

The deal is the largest amount that HD Hyundai Electric has received in orders from Saudi Arabia. 

The power equipment procured in this deal will be supplied to a substation in a new city development project near the Diriyah archaeological site.

The Saudi government is investing a total of $20 billion to develop a luxury tourist destination around the historic site of Diriyah, the ancestral home of the Saudi royal family. This project, known as Diriyah Gate, is also referred to as the second Neom City.

HD Hyundai Electric has consecutively signed power equipment supply contracts with Saudi Arabia, starting from the Neom City construction project to the Diriyah development project.

"We anticipate continued investment in the Saudi power grid next year, aiming to establish a solid presence in the local market," an HD Hyundai Electric source said. 

Write to Hyung-Kyu Kim at khk@hankyung.com