South Korea’s Hyundai Engineering said Monday it sealed a $330 million deal with Kingline Development Nigeria to construct a power plant in Ondo, Nigeria.
This is Hyundai Engineering’s first engineering, procurement and construction project in Nigeria.
Hyundai Engineering CEO Sung Sang-rok and Kingline Development Nigeria CEO Kim Seung-wook signed the deal to supply a 550-megawatt gas turbine at the Hyundai Engineering headquarters in central Seoul, the company said.
The power plant will be built in Nigeria’s Ondo state industrial park, located 170 kilometers northeast of Lagos.
“To win more projects in Africa, we will do our best to construct a high-quality plant while strictly monitoring air quality,” Hyundai Engineering said in a statement.
Nigeria has been recognized as a rising market in the power plant industry, as it has the most amount of natural gas deposits and the second-largest oil reserves in Africa.
It is also No. 1 in terms of population and gross domestic product among African countries.
Africa is widely expected to account for about 17 percent of power plant supplies worldwide next year, the company said.