Técnicas Reunidas, from Hungary to… Australia?

Spanish firm Técnicas Reunidas has been selected as prime contractor of the Százhalombatta’s CCGT (combined cycle gas turbine) power plant by MOL and CEZ Group joint venture MOL-CEZ Hungary Ltd. European Power. The agreement has been valued at €455mn. This will expand Técnicas Reunidas’ experience, which has already been tested in the power generation sector having taken part in power plant projects with capacities over 40GW.

Madrid’s financial city has welcomed the new development in Técnicas’ portfolio. In fact, throughout the second half of this year, Técnicas has closed almost €1.5bn in deals compared to just €176mn in the previous six months, adding to other successes as the €2.4-billion conversion of the refinery in Izmit (Turkey). Técnicas’ order book is expected to be near the €4.49-billion level at the end of the year.

But important, too, it’s the increasing possibility now for the company being awarded further contracts that it is actively seeking in Latin America, the Middle East and other markets. For instance, the project of a nitrate plant in Yara, Australia, (€355mn) is one of the deals most likely to end up in Tecnicas’ bag, in the opinion of Madrid-based analysts.

And it is, too, a sign of the times: Spain corp. needs to look further to find oxigen, away from crisis-constrained US and exhausted Europe.