SAE-A STX ENTECH Wins Overseas Renewable Energy
and Domestic Green Projects
Stand-alone
Solar Panel Made by SAE-A for Nicaragua
Overseas
Renewable Energy Project
SAE-A STX ENTECH (“STX”) announced that it has won another major
construction bid on the date of 13th- the standalone solar plant
construction for Nicaragua. It has signed a contract with Nicaragua’s
Ministry of Energy and Mines (MEM) to supply and install standalone solar
panels for about 10,000 households in rural areas without electricity. USD
22 million loans will be funded by the Export-Import Bank of Korea
(Korea Eximbank) from the resources of the Economic Development
Cooperation Fund (EDCF) to Nicaragua Government.
This bid is doubly meaning as it is the first order won by
cooperation with a group that has entered the local market. Nicaragua
is a developing country in Central America and has regional variations in
development, so there are many rural areas with no or insufficient access to
electricity. SAE-A entered Nicaragua in the early 2000s and has gained a
strong foothold as a foreign-invested company by steadily creating jobs and
increasing exports based on local production corporations. Owing to SAE-A’s
active support for STX newly joined the group to advance into Nicaragua market,
STX has been awarded the first official bid in consortium with Shinsung ENG. STX plans to challenge to
win similar projects in cooperation with Shinsung ENG. “This order is
meaningful in that it is the first synergy effect after incorporation into the
group as a bridgehead for the new and renewable energy business in Central
America,” said Ahn Seok-hwan, CEO of SAE-A STX ENTECH. “In addition to
solar power, we will actively participate in power generation-related
infrastructure projects.”
The hydroelectric power plant that STX will build in Nicaragua is expected
to generate 1,155 GW per year, which will be of great help in resolving the
electricity demand of industrial facilities and households, including SAE-A’s
local apparel corporation.
Domestic
Green Project
STX is also promoting to expand its market share in
Korea. In response to the Government’s strict anti-pollution measures, STX has
entered the equipment market for private industrial plants, winning
orders for denitrification facilities at POSCO Ironworks (Pohang and Gwangyang)
in November last year and recently for dust collection facilities at
Gwangyang Ironworks. STX’s facilities for reducing fine dust generated
from the sintering process (metal bonding reaction) greatly contribute to
the improvement of the environment in the ironworks as well as the prevention
of air pollution.