LS Cable & System announced on Dec. 7 that it has signed a contract with TenneT Offshore to supply high-voltage direct current (HVDC) cables worth about 1.5 trillion won.
In May 2022, Denmark and four European countries - the Netherlands, Belgium and Germany - agreed to jointly install 65 gigawatts (GW) of offshore wind power by 2030. TenneT will participate in the project, which will supply up to 35 million homes with green wind energy.
LS Cable & System, in a consortium with Belgian construction companies Jan De Nul and Denys, has won a total of four projects connecting the North Sea to Germany.
Under two of the contracts, LS Cable & System will supply submarine and underground cables starting in 2026. The remaining two contracts are expected to be awarded sequentially through 2026.
HVDC is optimized for long-distance transmission grids, cross-border connections, and renewable energy generation, and the market is growing rapidly in Europe and North America.
"Although power grid construction projects are becoming more active around the world, HVDC cables require large-scale investment and high technical skills, so a small number of global wire companies such as LS Cable & System occupy most of the market," said an official from LS Cable & System.
Meanwhile, LS Cable & System is expanding its submarine business, including a decision in August to invest an additional KRW 155 billion in its Donghae City, Gangwon Province, plant.
