LS Cable & System announced on March 5 that it has signed an agreement with Denmark's CIP to be the preferred bidder for the submarine cable for the Fengmiao offshore wind project in Taiwan.
The 500MW project will be built by 2027 off the coast of Taichung Harbor. LS Cable & System's submarine cable supply is expected to be worth about KRW 130 billion.
"After winning the right to supply all ultra-high voltage submarine cables for the first offshore wind project, we have been selected as the preferred supplier for the first project of the second project, demonstrating our global business capabilities," the company said.
This is the first project in Taiwan's 15 GW second offshore wind project, which is planned for 2026 to 2035. The industry estimates that Taiwan will order about KRW 3 trillion worth of additional submarine cables by 2035.
"Only three to four top-tier companies are invited to bid for large-scale offshore wind projects," said a company official. "LS Cable & System has secured a first-mover advantage by establishing strong cooperative relationships with global offshore wind operators in Europe and the United States over the past 15 years."
LS Cable & System is considering building a submarine cable factory in Vietnam with LS Eco Energy as the demand for submarine cables is expected to expand due to rising electricity demand.
