Hyundai Engineering wins 2.4 trillion won power plant contracts

Hyundai Engineering has been selected as the preferred bidder for two major power plant construction projects in South Korea, totaling approximately 2.4 trillion won.

The first project is the Yongin Cogeneration Power Plant, a 1,050MW facility in Gyeonggi Province. Hyundai Engineering will lead the design, procurement, and construction (EPC) for this 1.75 trillion won project, which is scheduled for completion in September 2030. The plant is intended to supply electricity and heat to the Yongin semiconductor cluster.

The second project is the Shin-Honam Combined Cycle Power Plant, a 500MW LNG facility located in the Yeosu National Industrial Complex. Hyundai Engineering will act as the consortium leader responsible for design and procurement, while POSCO E&C will handle auxiliary procurement and construction. This 630 billion won project aims for completion by May 2030 to stabilize the power supply in the Honam region.

Both projects are designed with future energy transitions in mind, with plans to potentially transition from LNG to hydrogen co-firing or pure hydrogen combustion. Hyundai Engineering intends to use these projects to strengthen its capabilities in next-generation energy sectors, including Small Modular Reactors (SMR) and hydrogen energy.