Hyundai E&C nabs plant contract in GeorgiaHyundai Engineering & Construction (Hyundai E&C) is set to be part of a $737 million deal to build a hydropower plant in the European country of Georgia.
The major local builder announced in a statement Monday that the company and its Turkish partner Limak received a notification that JSC Nenskra Hydro, a joint venture between the Korea Water Resources Corporation (K-Water) and the Georgian government, intends to award them the project.
Hyundai E&C will receive $332 million for the turnkey project, which means that contracted companies will be completely in charge of every step throughout the construction. It is the first time the Korean company has won a construction project in Georgia.
The project seeks to construct a 280-megawatt hydropower plant, a dam and two tunnels on the Nenskra River in northwestern Georgia. The plant is expected to generate 1,219 gigawatt-hours per year, which will be enough electricity for around 600,000 people in Georgia to use for one full year.
Once completed, K-Water will run the facilities and sell electricity to Georgia for 36 years and then transfer the management rights to the Georgian government.
“Hyundai E&C’s continued efforts to diversify its reach in foreign markets has yielded its expansion to Georgia after stepping into the markets of Turkmenistan, Uzbekistan, Brazil and Chile,” a Hyundai E&C spokesperson said.
“We will continue with our diversification strategy and work to expand our contracts in the Commonwealth of Independent States, Latin America and Africa while maintaining our superiority in traditionally strong regions.”
BY KO JUN-TAE [firstname.lastname@example.org]
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