Hyundai Engineering Selected as Preferred Negotiator for Construction of Two Power Plants... Total Value of KRW 2.38 Trillion

[Financial News] Hyundai Engineering has been selected as the preferred negotiator for the construction of two power plants.
Hyundai Engineering said on the 10th that it was selected as the preferred negotiator on the 9th for the Yongin Combined Heat and Power Plant construction project ordered by Korea Midland Power (KOMIPO) and SK Innovation E&S, and for the New Honam Combined-Cycle Power Plant construction project ordered by Korea East-West Power (EWP). The total cost of the two projects is estimated at approximately KRW 2.3826 trillion.
The Yongin Combined Heat and Power Plant construction project involves building large-scale facilities capable of generating 1,050 MW of electricity and producing 517 Gcal/h of heat. Hyundai Engineering will oversee the project’s design, procurement, and construction, with the project cost estimated at approximately KRW 1.0526 trillion. Construction is scheduled to begin this month, with completion targeted for September 2030. The electricity and heat produced by the completed plant will be used to meet energy demand at the Yongin Semiconductor Cluster.
The New Honam Combined-Cycle Power Plant construction project involves building a 500 MW LNG combined-cycle power plant on the site of the Honam Coal-Fired Power Plant in the Yeosu National Industrial Complex. Hyundai Engineering will serve as the lead company in a consortium that includes POSCO E&C and will be responsible for the design and procurement of major equipment. The total project cost is estimated at approximately KRW 630 billion. Construction is expected to begin in June 2027, with completion scheduled for May 2030. The energy produced by the plant is expected to provide a stable power supply to the Yeosu National Industrial Complex and the broader Honam region.
With Hyundai Engineering selected as the preferred negotiator for the construction of two power plants, the company is drawing attention in the industry. It is expanding its presence in next-generation energy infrastructure projects, including not only hydrogen but also facilities related to Small Modular Reactors (SMRs).
A Hyundai Engineering official said, "This achievement demonstrates the market’s confidence in Hyundai Engineering’s technological expertise and project execution capabilities, which it has accumulated in the energy business. We will continue contributing to national power supply stability through various energy-transition infrastructure projects, including combined-cycle and combined heat and power plants. At the same time, we plan to further strengthen our business in next-generation energy fields such as SMRs, nuclear fusion, and hydrogen."

[email protected] Jung Kyung-soo Reporter