Kuwait partners with Hungary to upgrade electricity grid.
Hungarian Companies Forest-Vill and Ganz Transformers to Modernize Kuwait’s Electrical Substations
GTVF Export Development Ltd., a company jointly owned by Forest-Vill Ltd. and Ganz Transformers and Electric Rotating Machines Ltd., has recently signed an agency contract with Kuwait’s Industrial Electrical Projects Company (IEPC Co.). This partnership aims to carry out the maintenance, modernization, and replacement of over fifty electrical substations that were installed in Kuwait since the 1970s.
According to the press release, the agreement, signed at the end of January, marks the beginning of a long-term commitment to provide advanced energy solutions and cutting-edge technology to industrial players in Kuwait. This collaboration will also help Forest-Vill in expanding its presence in international markets.
Under the terms of the agreement, Forest-Vill will oversee the management, coordination, and financing of the activities, while IEPC Co. will provide local support in terms of legal and business conditions. Csaba Németh, CEO of Forest-Vill, emphasized that this collaboration with Ganz Transformers paves the way for the company’s entry into international markets, starting with the Middle East region.
Forest-Vill, founded in 2015 and based in Budaörs near Budapest, specializes in the design, construction, and project management of electrical and energy facilities, including substation construction. The company, with a workforce of 200 employees, focuses on industrial power distribution, reconstruction of high voltage networks, and construction of medium voltage networks.
On the other hand, Ganz Transformers, a wholly Hungarian-owned company, operates a production plant in Tapiószele, central Hungary, where it manufactures customized high-voltage electrical equipment such as transformers, motors, and generators. The company also offers comprehensive service and digital solutions to its Hungarian and international clients, employing 600 people.
This joint effort between Forest-Vill and Ganz Transformers highlights the expertise and capabilities of Hungarian companies in providing advanced energy solutions on a global scale. With a focus on modernizing Kuwait’s electrical infrastructure, this collaboration sets a strong foundation for future partnerships in the Middle East region and beyond.
