Hyundai Engineering & Construction (000720.KS) is expanding its power transmission infrastructure and renewable energy business in Australia.
The builder said it signed a memorandum of agreement with AusNet, an energy network operator, in Melbourne on the 16th to cooperate in power transmission and substation infrastructure and grid connection.
AusNet, the largest energy network company in the state of Victoria, operates three core infrastructure businesses, including electricity and gas distribution and a transmission network that links the entire state. Hyundai E&C has worked with AusNet on transmission infrastructure and renewable energy since signing a business agreement last year. Under the latest agreement, the two companies will widen their cooperation beyond existing power infrastructure projects to grid-connected businesses such as battery energy storage systems (BESS) and data centers. They also plan to strengthen technical cooperation in engineering, procurement and construction (EPC) as well as operations and maintenance through personnel exchanges.
On the 15th, Hyundai E&C signed a business agreement with Copenhagen Infrastructure Partners (CIP), a Danish green energy investment and fund management firm, to jointly pursue renewable energy businesses and related infrastructure projects in the Asia-Pacific region. CIP invests in wind power, solar power, energy storage systems, green hydrogen and carbon capture and storage (CCS) in more than 30 countries.
"Australia's energy infrastructure business is growing rapidly, with government-led large-scale power grid expansion underway as rising electricity consumption from the spread of artificial intelligence data centers coincides with the transition to renewable energy," an official at Hyundai E&C said. "Through mid- to long-term partnerships with leading global companies, we will create synergy in Australia and other Asia-Pacific markets."