CIMIC's (ASX:CIM) UGL receives $185m contract from Snowy Hydro

Company News

by Lauren Evans

Snowy Hydro has named CIMIC Group’s (ASX:CIM) UGL as the principal contractor for the construction of a 660MW power generation plant at the Hunter Power Project in Kurri Kurri, NSW. 

The contract will commence this month and is expected to generate revenue to UGL of $185 million over two years. The company said the power generation plant will consist of two heavy-duty F-class gas turbine generators and the related axillaries. 

“Hydrogen-ready gas turbines have an important role in reducing carbon emissions from traditional power generation," said Cimic's chief executive officer Juan Santamaria. 

“We are pleased to work with Snowy Hydro to play a part developing this hydrogen-capable plant and to support the local community by creating direct and indirect job opportunities in the industry.”

Shares in CIMIC Group (ASX:CIM) are trading 1.4 per cent lower at $16.56. 

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