LS Cable & System Signs 200 Billion KRW Submarine Cable Supply Contract with Taiwan

Installation at Taiwan Hailong Offshore Wind Farm
80 Billion KRW Contract Exclusively in Taiwan

Ko Eegon, Executive Director of LS Cable & System's Submarine Global Sales Division (right), and Felipe Montero, General Manager of Taiwan Hai Long Offshore Wind Power Development, pose for a commemorative photo after signing a contract at LS Yongsan Tower in Seoul. (Photo by LS Cable & System)

[Asia Economy Reporter Moon Chaeseok] LS Cable & System announced on the 9th that it has signed a contract to supply submarine cables worth 150 million euros (approximately 209.2 billion KRW) to the Taiwan Hailong Offshore Wind Farm.

This is the main contract following the preferred bidder agreement signed in October last year.

LS Cable & System has secured all the ultra-high voltage submarine cable supply rights for the first phase of the Taiwan offshore wind farm projects ordered so far. The total contract amount is approximately 800 billion KRW.

LS Cable loading submarine cables onto a laying vessel at Donghae Port, Gangwon Province. (Photo by LS Cable)

The Hailong Offshore Wind Farm is one of the largest offshore wind farms in Taiwan. Canadian Northland Power and Singapore’s Vison Energy are participating as joint developers. Once completed in 2026, it will produce 1 gigawatt (GW) of power, equivalent to one nuclear power plant.

Taiwan is promoting the development of a total of 15 GW of offshore wind power in three phases from 2020 to 2035. The company expects the submarine cable market for the second and third phases, to be ordered from next year, to reach 2 trillion KRW.

Recently, LS Cable & System strengthened its construction capabilities in line with the rapid growth of the submarine cable market by acquiring shares of KT Submarine, a specialized underwater construction company. The two companies expect synergies such as expanding overseas orders by utilizing KT Submarine’s underwater construction technology and vessel operation capabilities.