LSIS has been selected as the power infrastructure supplier for a project involving the construction of a new town in Iraq, winning the largest-ever single contract — valued at $147 million, or 160.4 billion won.
LSIS announced that it signed the contract to build GIS substations as part of Hanwha Engineering and Construction Co.’s project for the construction of a new town, to be named Bismayah (Bismayah New-City Project or BNCP), situated 10km from Bagdad, Iraq, on May 10.
The BNCP ordered by Iraq’s National Investment Committee (NIC) at a total project cost of $10 billion (11 trillion won) is scheduled for completion in 2019. The main construction project being carried out by Hanwha E&C involves the construction of a new town at Bismayah sufficient to house around 600,000 people in a projected total of 100,000 households. The town will cover 1,830ha, i.e. an area six times the size of Yeouido, Seoul.
Under the four-year contract, LSIS will supply a range of GIS substation solutions, including two 132kV substations, six 132kV intermediate substations, and 24 33kV distribution substations, all of which will convert the super-high voltage power generated by power plants into low-voltage power to be supplied to homes, factories and other facilities.
LSIS has gradually advanced into the Iraqi market, hitherto dominated by Siemens, ABB and other global large corporations, winning its first order in 2011 before going on to win and conduct most of the power infrastructure projects in Iraq, including the construction of substations and smart grids, and taking the cumulative value of its Iraq business orders as of last year to over $500 million.
In signing the largest-ever Iraqi construction project, LSIS is expected to expand its business not only across Iraq, but also across the Middle East.
Lee Jeong-cheol, head of LSIS’s Power Infrastructure business division (senior vice president), said, “Hanwha’s new city construction project is yet another construction project that will impress the excellent global competiveness of South Korea upon the world, making Koreans justifiably proud. With this project, LSIS has undertaken to supply its power infrastructure solutions, further boosting Korean pride. This will certainly serve as an opportunity for Korean companies to penetrate the Middle Eastern market more aggressively in the near future.”
LSIS’ business includes High Voltage Direct Current Transmission System, Smart grid solutions like AMI and EMS and Electric vehicle core components such as EV relay and PCUs. Also, as the first photovoltaic company in Korea, LSIS has developed the world's first PV module, which can be installed on the surface of water. By providing innovative green components, products and solutions, LSIS is highly contributing to the reduction of world carbon imprint said Chairman Koo Ja-kyun.
“LSIS is a total solution provider of electric power systems/automations, smart grid solutions and photovoltaic systems,” the company said. “We offer the highest quality and eco-friendly green innovations to our world-wide customers.”
CEO Koo Ja-kyun said: “Most important of all, such a feat would not have been possible without your support. I would like to take this opportunity to thank both our customers and shareholders in placing deep confidence in LSIS.”
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