Abengoa and Daelim JV targets water projects
New partnership between Spanish and Korean firms will have "competitive advantage".
Abengoa has signed a Memorandum of Understanding (MoU) with South Korean company Daelim Industrial Co. to develop large water projects all over the world.
This strategic alliance allows the two companies to combine their respective strengths in different products and markets.
The union will give the joint venture a “competitive advantage” to win contracts in several areas, especially in hydropower, construction of dams and water treatment plants, Abengoa said in a statement.
As an EPC contractor, Daelim has worldwide experience in technology and construction of dams, hydropower and water management projects.
Daelim has successfully completed the longest hydraulic tunnel in domestic market and has been also developing several hydro IPP projects in Asia which expect to achieve financial closes next year.
Abengoa is an international reference company in design, engineering and construction of hydraulic infrastructures, such as the development of a water supply project in San Antonio, Texas.
It has recently clinched three grid contracts in the Middle East and North Africa, the most recent of which was a $25mn deal in Oman.