Hoban Group's Taihan Cable & Solution announced on November 24 that it has signed a memorandum of understanding with Balfour Beatty of the United Kingdom to establish a partnership in the underground power transmission and distribution business.
The MOU signing ceremony was held at The Westin London City Hotel on November 23, local time, in the presence of Kim Sun-gyu, Chairman of Hoban Group, Chris Johnson, CTO of Balfour Beatty, Ian Currie, Head of Underground Power Transmission and Distribution Line Business Unit, Nam Jung-se, Executive Vice President of Taihan Cable & Solution's Energy Overseas Business Unit.
Balfour Beatty is a global infrastructure group headquartered in the United Kingdom with annual revenues of KRW 15 trillion. The company is responsible for the engineering, procurement, and construction (EPC) of many large-scale power grid projects for the UK's national utility, National Grid, including the London Power Tunnels 2 (LPT2) project.
The LPT2 project is a huge undertaking that involves the construction of an underground tunnel across the city center and the laying of a power grid to stabilize the power supply across London, and Taihan Cable & Solution will supply the entire 400kV power grid.
In the future, the two companies will jointly participate in bidding for various transmission and distribution grid projects in the UK totaling more than £220 million by 2030. Through mutual cooperation such as technology sharing and business support from the project bidding stage, the two companies will enhance their technical competitiveness and increase their chances of winning.
The companies also decided to create a business roadmap within the first half of 2024 and establish a foundation for win-win cooperation through technical personnel exchange. As the UK government has announced its goal of achieving Net-Zero by 2050, the companies plan to explore and pursue various business opportunities through close cooperation.
In addition, Taihan Cable & Solution won a power grid project worth approximately KRW 36 billion as the first achievement of the MOU. The order is for National Grid to replace overhead power lines with underground electric transmission lines to improve the natural landscape of the North Wessex Downs area. Balfour Beatty will carry out the overall EPC, while Taihan Cable & Solution will supply the 400kV extra-high voltage power grid and carry out the electrical works.
