HD Hyundai Electric, a leading Korean energy solutions company, has secured a order worth 67.8 billion won ($51 million) to supply substation equipment for Saudi Arabia’s futuristic city NEOM, said a report.
Under the contract signed with Saudi-based Al Gihaz Contracting Company Saudi Arabia, it will deliver transformers, high-voltage circuit breakers and reactors in a package for a substation project, dubbed Neom Mountain, reported the Korea Economic Daily.
The company, which is the electrical equipment and energy solution unit of Korean shipbuilding giant HD Hyundai, said the entire work will be completed by February 2025.
Under its Vision 2030 initiative, the Saudi government has set a goal to expand the state’s total power output to 120 gigawatts (GW) by 2030, of which 58.7 GW will be sourced from renewable energy.
NEOM is one of those cities under development in a desert area in the kingdom’s northern Tabuk Province.
A smart city, it will be fully run on renewable energy such as solar power and green hydrogen, as well as cutting-edge technologies, such as 5G networks, the Internet of Things, cloud computing and robotics.
The NEOM Mountain would be the second substation in the green, smart city once the ambitious project gets completed.