SEOUL, February 06 (AJP) - South Korea's HD Hyundai Marine Solution has signed a $56 million maintenance contract with Ecuador’s state power utility to support operations at thermal power plants amid the country’s ongoing energy shortages.
Under the agreement, the company will supply engine and auxiliary equipment maintenance packages through early 2027 for eight thermal power plants operated by the utility, with combined generation capacity of about 400 megawatts.
The contract is intended to help alleviate Ecuador’s power crisis. The country, heavily dependent on hydropower, has suffered prolonged drought conditions that have reduced generation capacity and led to electricity outages lasting up to 20 hours in some areas, the company said.
HD Hyundai Marine Solution said it plans to provide technical support to help stabilize operations at thermal plants, which are being used to compensate for reduced hydropower output.
A company official said the deal would serve as a starting point to strengthen strategic cooperation with Ecuador.
"We plan to expand higher-margin aftermarket services, including for land-based power plants, to improve profitability," the official said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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