LS Cable & System announced today that it has signed a contract to supply submarine cables worth 150 million euros (approximately KRW 209.2 billion) to Hai Long offshore wind farm in Taiwan.
As a result, LS Cable & System has won all of the ultra-high-voltage submarine cable supply rights for the first phase of offshore wind farm in Taiwan that have been ordered so far. The total contract amount is about 800 billion won.
Hai Long offshore wind farm is one of the largest offshore wind farms in Taiwan, and Canada's Northland Power and Singapore's Yushan Energy participate as joint developers. When completed in 2026, it will produce 1GW of electricity, equivalent to one nuclear power plant.
Taiwan is promoting the development of a total of 15GW of offshore wind power in three phases from 2020 to 2035. The company expects that the submarine cable market for the second and third projects to be ordered from next year will reach 2 trillion won.
LS Cable recently acquired a stake in KT Submarine, a company specializing in submarine construction, to strengthen its construction capabilities in line with the rapid growth of the submarine cable market.
The company expects synergies between the two companies, such as expanding overseas orders by utilizing KT Submarine's submarine construction technology and ship operation capabilities.
