Tuesday, January 21st, 2014
SEOUL, KOREA - Daewoo International and Hyundai Engineering said on January 20 that they jointly signed a 30-billion-won agreement with Enatrel (Empresa Nacional de transmision electrica) of Nicaragua, the state-run power transmission company, to build electricity transmission lines and substations.
This is the first occasion for a Korean company to win an electric power transmission project in Central America.
The two Korean companies successfully bid for the project by taking advantage of the low-cost Economic Development Cooperation Fund managed by Korea EximBank. Under the terms of the agreement, the companies will install five power substations and 80-kilometer 138-kV transmission lines in the El Sauce region in the northwest of the country. The project will be undertaken on a turnkey basis for the whole process from design to actual construction.
A Daewoo International official said, "With the latest deal in Nicaragua, we could secure a foothold to move further into the Central American market. We will do our best to find more business opportunities in power transmission and renewable energy projects in Latin America and other developing world markets."