Kuwait Relies on Hungarian Expertise to Modernize Its Electricity Grid
February 13, 2025
2,135
Kuwait City
GTVF Export Development Ltd., jointly owned by Forest-Vill Ltd. and Ganz Transformers and Electric Rotating Machines Ltd., has signed an agency contract with Kuwait’s Industrial Electrical Projects Company (IEPC Co.). The Hungarian company will carry out the maintenance, modernization and replacement of more than half a hundred electrical substations installed in the Middle East country since the 1970s, the parties announced.
The press release stresses that under the indefinite agency agreement signed at the end of January, GTVF Export Development Ltd. will provide advanced energy solutions and state-of-the-art technology to Kuwait’s industrial players on a long-term basis, which will also facilitate Forest-Vill’s expansion in international markets.
Under the agreement, Forest-Vill will provide the management, coordination and financing of the activities, while IEPC Co. will provide the local legal and business conditions. The release quotes Csaba Németh, CEO of Forest-Vill, as saying that
the agreement opens a new chapter in the company’s activities, as cooperation with Ganz is ensuring its presence in international markets, starting with the Middle East region, in line with its long-term plans.
Photo: Pixabay
Forest-Vill, founded in 2015 and based in Budaörs (Hungary, near Budapest), is engaged in the design, construction and project management of electrical and energy facilities, in addition to substation construction. The company employs 200 people. It specializes in industrial power distribution, high and medium voltage transformer stations, reconstruction and construction of high voltage networks, as well as the construction and reconstruction of low and medium voltage networks.
Ganz, a 100 percent Hungarian-owned company, manufactures customized high-voltage electrical equipment – transformers, motors and generators – at its production plant in Tapiószele (central Hungary), and provides comprehensive service and digital solutions to its Hungarian and international customers, employing 600 people.
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