Hyosung Heavy Industries Secures Contract to Modernize Mozambique’s Power Grid
"We aim to become a top-class supplier in the African power market." -Woo Tae-hee
by Business Korea
Hyosung Heavy Industries has won a contract to modernize Mozambique’s power grid. The agreement was signed at the Korea-Africa Summit on May 4, 2024, at the Intercontinental Seoul COEX Hotel.
Project Details
- Scope: Supply and replace 14 units of 220kV ultra-high voltage transformers by 2029, and expand and improve existing substations.
- Objective: Modernize Mozambique’s power infrastructure by updating outdated transformers and substation equipment.
Background
- Previous Projects: Hyosung entered the African power market in 2013 with a turnkey project in Mozambique’s Gaza region, which included the construction of GIS and AIS substations.
- Regional Presence: Established a subsidiary in South Africa and completed projects in Namibia, Ethiopia, South Africa, and Tanzania. Over the past three years, the company has secured orders exceeding 500 billion KRW in Africa.
Strategic Goals
- Global Expansion: Hyosung aims to strengthen its market presence globally, with a focus on the U.S., Europe, the Middle East, Africa, and Oceania.
- Technological Development: Commitment to advancing technology and acquiring new customers to become a leading supplier in the African power market.
Woo Tae-hee, CEO of Hyosung Heavy Industries, highlighted the company’s dedication to technological innovation and market expansion. “With this Mozambique contract, we aim to become a top-class supplier in the African power market,” he stated.
Source: Business Korea, Hyosong
