Iljin Electric, the integrated heavy electric device unit of South Korea's Iljin Group, announced on Tuesday that it has recently signed a contract for the supply of 52.4 km of 275-kilovolt (kV) ultra-high-voltage underground cables and connection work with Malaysia's state-owned power utility, Tenaga Nasional Berhad.
The project, valued at around $36 million (47 billion won), involves upgrading an existing substation in the southern region of Kuala Lumpur, the capital of Malaysia.
"Our company's consistent efforts to enter new markets in Southeast Asia, leveraging our experience and capabilities gained through years of executing projects in Singapore, have led to this successful endeavor," said an Iljin Electric official. "The successful execution of this project will secure customer trust and serve as a foundation for continuous orders in the future."
Iljin Electric entered the Singapore market in 2007 and has been actively expanding its market presence in Southeast Asia, particularly in the field of ultra-high-voltage cables, by undertaking numerous projects over the past decade. In 2022, the company secured orders worth 153.5 billion won ($115.5 million) in Singapore and 82.1 billion won ($61.8 million) in the emerging market of Bangladesh.
With a significant increase in orders for ultra-high-voltage transformers in the North American market and large-scale orders for ultra-high-voltage cables in the Asian and Middle Eastern markets, Iljin Electric is currently undergoing a paid-in capital increase of 100 billion won ($75.3 million) for facility expansion and investment.
"Based on our high technical expertise and the reliability of our quality in the field of ultra-high-voltage power, we will actively pursue overseas orders and revenue expansion this year," said Hwang Soo, CEO of Iljin Electric.
Write to Hyun-Ju Yun at
hyunju@hankyung.com
