Hyosung Heavy Industries landed a 120 billion won (USD 82M) deal to supply ultra-high-voltage transformers to the UK’s SP Energy Networks for a major wind power project, supporting Britain’s net-zero goals and marking its continued growth in Europe.
Hyosung Heavy Industries secured a contract worth 120 billion won, or approximately USD 82 million, to supply ultra-high-voltage transformers to the United Kingdom. This deal with SP Energy Networks, a division of ScottishPower, aims to support a significant wind power project as Britain works toward its carbon-neutrality goals.
The South Korean company stated that these transformers will play a vital role in major renewable energy projects across the UK. According to a report by Pulse, the English service of Maeil Business News Korea, the equipment will help strengthen the stability of the power grid while the country moves toward net-zero emissions.
Continued Growth in European Market
This latest agreement continues a period of growth for the company in the European market. Since the start of December, Hyosung Heavy Industries won several contracts for ultra-high-voltage power equipment. “Since December, it has secured contracts totaling around 230 billion won for ultra-high-voltage power equipment across major European markets including the UK, Sweden and Spain,” the report noted.
Market Drivers and Projections
The demand for this equipment comes from energy transition policies and the need to replace old infrastructure. “Driven by energy transition policies and replacement demand for aging infrastructure, Europe’s power grid market is projected to grow at an annual rate of more than 5 per cent through 2030, reaching an estimated $6 billion to $7 billion in size. The region is widely regarded as a high-end market dominated by advanced global competitors,” the report said.
Expansion in Nordic Region
Hyosung Heavy Industries also recently won an order worth 50 billion won from a power distribution firm in Sweden. Earlier this month, the company signed another deal for ultra-high-voltage transformers in Norway. “Earlier this month secured another ultra-high-voltage transformer contract in Norway, further expanding its presence in the Nordic power market,” the report said. (ANI)
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