LSIS wins W10 bil. contract over establishing electric substation in Ecuador
LSIS senior vice president Seo Jeong-min, left, with Luis Ruales Corrales, the head of the country’s electricity generating board CELEC EP, after signing a contract for a power substation project, in Ecuador’s capital Quito, Tuesday. / Courtesy of LSIS
By Lee Min-hyung
LSIS said Tuesday it has won a 10.3 billion won ($9.1 million) contract to establish an electricity substation in Ecuador.
Under the contract, the company plans to build the facility for the nation’s electricity generating board, CELEC EP, by November 2017.
The 230-kilovolt (kV) substation project is expected to speed up its business expansion in South America.
“Expectations are high that we will win more orders from other overseas markets, as we have recently been acknowledged in a series of contracts ― including one from Haiti in 2014,” an LSIS official said. “The power substation project requires high levels of technological expertise, and we are acknowledged by growing numbers of overseas organizations on it.”
In particular, the electric infrastructure business is expected to grow faster in Central and South American countries, as global financial authorities ― including the World Bank and the Inter-American Development Bank ― have recently pushed for aggressive expansion in the areas, according to LSIS.
“Our short-term goal is to win more orders from Ecuador’s neighboring countries ― including Chile and Peru ― after successful completion of the recent project,” the official said.
The electricity market in Ecuador will be worth some $8.4 billion by 2020, as the country is expanding consumption in household and industrial use. Ecuador is reconstructing electricity infrastructure in the aftermath of a severe earthquake in April.