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Ssangyong E&C Makes its First Foray into Central and South America, winning the Solar Power Project Bid in Haiti
2024-01-09
Ssangyong Engineering & Construction, a renowned brand in international construction, has marked its first entry into Central and South America by securing a solar power plant project in Haiti.
The company announced that it had been awarded the contract for the Solar Power Generation Facility and Energy Storage System (ESS) Construction and Operation Project tendered by Haiti’s Ministry of Economy and Finance (MEF).
With its total value of USD 57 million (approximately KRW 75 billion), the project involves the construction and five-year operation of a solar power plant (12MW) and an ESS (10Mwh) in an area equivalent to 30 soccer fields (200,000㎡). The project will generate power for the Caracol Industrial Park, home to the Global SAE-A factory. Funding sourced through a loan from the Inter-American Development Bank ensures the project's financial stability.
A significant aspect of this project is the synergistic collaboration within the Global SAE-A Group: the first contract won leveraging the support of the group since SAE-A became the major shareholder of Ssangyong E&C. The comprehensive bid support from the SAE-A group's top management, the bid proposal and construction plan carefully prepared by Ssangyong E&C, and the engineering and building experience of SAE-A STX Entech in Nicaragua's solar power projects, all played a crucial role in passing the tender evaluation.
Moreover, this venture not only represents Ssangyong E&C’s initial step into Central and South America but also sets the stage for further expansion into other markets in the region where Global SAE-A already does business, such as Costa Rica, Guatemala, and Nicaragua.
A spokesperson for Ssangyong E&C stated, “With this contract, we have captured two objectives: exploring new markets and participating in new ventures through group support and collaboration. We plan to pursue renewable and eco-friendly projects both domestically and globally aggressively.”
Since its establishment in 1977, Ssangyong E&C has successfully undertaken 186 construction projects in 22 countries, such as Singapore, Indonesia, Malaysia, Vietnam, India, Pakistan, the Middle East (including UAE and Saudi Arabia), the United States, Japan, and Africa (Equatorial Guinea), totaling approximately USD 13.1 billion.