Hyundai Electric, a South Korean company, has secured a significant contract valued at $50.8 million with Saudi Arabia’s Al Gihaz Contracting Company.
This agreement is centered around the development of a cutting-edge 380/132kV Substation as part of the ambitious NEOM City project, which is poised to revolutionize Saudi Arabia’s energy infrastructure.
In accordance with the contract terms, HD Hyundai Electric will be tasked with providing essential electrical components, including High Voltage transformers, High Voltage switchgears, and Reactors for the newly named NEOM Mountain Bulk Supply Point (BSP) Substation.
Notably, Saudi Arabia’s Neom City project is dedicated to sustainable urban development, aiming to fulfil 100% of its energy needs from renewable sources. The Mountain Substation represents the second substation being constructed by Al Gihaz in Neom City.