Abengoa and Hyundai to collaborate on power plants

• 9 years ago (2014-12-10)
• Junior Isles

Renewables 752

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Spain’s Abengoa and South Korean company Hyundai Engineering & Construction have signed a memorandum of understanding to work together on developing power plant projects.

The alliance will allow the companies to leverage their synergies in terms of technology and markets and undertake projects in various areas, especially in solar-thermal power projects and hybrid plants that combine solar-thermal and combined cycle technology (ISCC).

Manuel Valverde, Abengoa E&C executive VP, said: “The agreement recognises Abengoa’s extensive experience and outstanding performance in the energy sector, as well as the market’s confidence in our capabilities, all of which has led it to partner Hyundai, one of the world's largest engineering and construction firms.”

Soo-Hyun Jung, President and CEO of Hyundai Engineering & Construction, highlighted “the importance of a strategic alliance between the world’s top two power companies”. He encouraged them to start working together on the specific projects that the companies have already identified as suitable for this strategic collaboration.