The contract pushes Hyosung Heavy's European orders past 1 trillion won (US$730 million) this year, following earlier deals with Britain's National Grid and power utilities in Scotland and Norway, where the company holds the largest market share for 400-kilovolt transformers.
The deal with Orsted, signed on Nov. 1, involves providing 400-kilovolt transformers and reactors by 2027 for Orsted's 2.4-gigawatt "Hornsea 4" offshore wind farm project off the Yorkshire coast in northeastern England. Financial terms were not disclosed.
"We will strengthen our global power market presence by listening to customers worldwide, including Europe," said Hyosung Chairman Cho Hyun-joon, as the company plans to boost its transformer production capacity by 40 percent at its factories in Memphis, U.S., and Changwon, South Korea, to meet growing global demand.
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