LS Cable & System won an order for submarine cables worth KRW200 billion from Taiwan

LS Cable & System (President & CEO Myung Roe-Hyun) won the submarine cable project in Taiwan, continuing to dominate market.

LS Cable & System announced on October 6^th that the company was selected as a preferred bidder for a KRW200 billion submarine cable project by CDWE (CSBC-DEME Wind Engineering), Taiwan’s first EPCI offshore wind power construction company, and it would supply submarine cables to the Hai Long Offshore Wind Farm until 2025.

As a result, LS Cable & System won the right to supply all the extra-high voltage submarine cables for Taiwan’s phase2 offshore wind farm project, which have been ordered so far. The total order amount is about KRW800 billion.

The Hai Long Offshore Wind Farm is one of Taiwan’s largest offshore wind farms that jointly developed by Northland Power Inc., Yushan Energy Pte Ltd and Mitsui & Co., with a total installed capacity of 1,044 MW. The project is 40-50 kilometers off the west coast of Taiwan. CDWE is the BoP (Balance of Plant) contractor.

As part of its renewable energy expansion policy, Taiwan is developing offshore wind farms aiming to reach 15GW by 2035.

The company believes that hereafter the additional bids for submarine cables in Taiwan are expected to exceed KRW1 trillion, and plans to focus on winning the orders. Also, it expects that the experience of conducting business in Taiwan will serve as a stepping stone for expanding the North American and Southeast Asian markets where the offshore wind farm market is rapidly growing.

Myung Roe-Hyun, President and CEO of LS Cable & System, said, “We will lead the domestic and foreign renewable energy business based on close cooperation with global wind power operators in Europe, North America, and Taiwan.”

Marco Kanaar, Project Director of CDWE, comments, “With LS Cable joining the Hai Long project, we are delighted to have this excellent subsea cable manufacturer on board with ample experience in the region. We are confident that with the technical strength of LS Cable we can successfully overcome the particular conditions of the Taiwan region which require special attention to the design and manufacturing of the cables.

LS Cable & System is also continuing its investment to preempt the global market by announcing an additional capital investment to the tune of about KRW190 billion in its business site in Donghae City, Gangwon-do.