SNC-Lavalin will have majority and controlling interest in the JV. The companies say the joint venture will help meet the evolving need of power grids across the globe for electrical substations.
Substations control and protect power flows, connect power stations to the grid and link transmission and distribution networks, as well as end consumers.
“We are proud to partner with SNC-Lavalin to tap the vast opportunities of power infrastructure investments. Together, we intend to grow our businesses by complementing each other’s strengths in unique customer services for substation projects,” said Claudio Facchin, president, ABB Power Grids division. “Strategic partnerships like this are a core pillar of our Next Level strategy and help us to drive growth while mitigating risk.”