South Korea’s Hyundai Heavy Industries has won a $3.2 billion order to build a thermal power plant in Saudi Arabia for state-run Saudi Electricity, a report said Tuesday.

The world’s top shipbuilder by orders will build the 2.64-gigawatt power-generating plant over the next four years in Jeddah, Dow Jones Newswires said, citing a person with knowledge of the matter.

A Hyundai spokesman declined to comment on the report.

Hyundai, which builds ships, heavy machinery and plants, had set a target of $24 billion in orders this year but had only won $8.2 billion worth ― excluding the reported Saudi deal ― by the end of last month.

South Korean shipbuilders have struggled in recent years amid slowing demand from European commercial shippers hit by the eurozone crisis. (AFP)