SEOUL, January 05 (AJP) - South Korea's Iljin Electric said on Monday it has signed its largest-ever single supply contract in the United States, bolstering its presence in the North American power equipment market.
The company said in a press release that it recently secured a transformer supply deal worth about 198 billion won ($150 million) for a new project by a major U.S. renewable energy developer. Under the contract, Iljin Electric will supply 24 transformers through the third quarter of 2029.
The order represents its biggest single contract in the U.S. market and marks its first supply of 525-kilovolt extra-high-voltage transformers for a renewable energy project, the company said.
The U.S.-based contractor, whose name was withheld due to confidentiality agreement, is pursuing multiple large-scale renewable energy and energy storage system projects across the country and has worked with Iljin Electric as a strategic partner on renewable projects over the past six years.
Iljin Electric said the contract reflects growing confidence in the company’s technology and product quality.
“Building on this order, we aim to further strengthen our position in the North American extra-high-voltage power equipment market and secure additional contracts focused on high value-added products,” the company said.
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