LS Cable & System has won the largest order since its entry into Europe, the home of cable, establishing the stage for market expansion.
LS Cable & System signed a contract with TenneT, a Dutch state-run power company, to supply undersea cables worth about 100.74 million euros (some 134.2 billion won), a company spokesman said on April 21.
“The bidding was recognized for its world-class business ability as it was conducted under a comprehensive screening system that evaluated technical skills and business experience together, not the lowest-priced winning system,” the spokesman said.
The Netherlands plans to build 10 offshore wind farms from 2019 to 2029 to secure a total of 11GW of power generation. It is the amount of electricity that can be supplied to more than 10 million households.
LS Cable & System will supply a total of 210 kilometers of undersea cables by 2023 to two offshore wind farms to be built in the northern and western seas.
Myung Noh-hyun, CEO of the company, said, "Europe is actively developing offshore wind power plants with policies to expand renewable energy, and the underwater cable market is also the largest in the world. We are trying to expand the European market by establishing a regional headquarters in Europe and strengthening marketing this year."
The company expects Europe's undersea cable market to reach trillions of won over the next five years. Based on the project, LS Cable is determined to make all-out efforts to win orders for underwater cable projects in the Netherlands as well as nearby European regions.
Meanwhile, LS Cable has been steadily building trust in the European region, supplying 15 to 30 kilometers of small and medium-sized submarine cables to Denmark in 2013 and Belgium in 2016, starting with the British Maritime Wind Power Complex in 2012.
