South Korea's HD Hyundai Energy Solutions Co. announced on Friday that it has inked a 130-megawatt (MW) solar module supply agreement with Portugee MCA group. The contract is valued at 42.2 billion won ($32 million).
Under the terms of the agreement, HD Hyundai Energy Solutions will supply 200,000 solar modules to MCA by Feb. next year.
These modules are slated for use in MCA's Solar II Project, which aims to generate around 300 MW of solar energy.
The project is part of a larger initiative led by the Angolan government to provide electricity to about 200,000 households across 60 villages in Angola by the end of 2025.
This 130 MW solar module contract serves as the initial phase of a larger project, with subsequent phases expected to total 170 MW and to be rolled out between 2024 and 2025.
This is not the first deal between the two companies. HD Hyundai Energy Solutions signed a 22 MW solar module contract with MCA last May.
"We are committed to meeting customer needs by producing high-efficiency, high-quality modules through continuous technological development," an HD Hyundai Energy Solutions source said.
The company plans to leverage its technical expertise to aggressively expand not just into established markets like the US, Europe, and Australia, but also into emerging markets such as Africa.
Write to Mi-Sun Kang at
misunny@hankyung.com
