Additional Order for 110 Billion Won Submarine Cable Contract
"Plan to Secure 2nd Phase Project Worth 2 Trillion Won"
LS Cable & System announced on the 23rd that it will supply submarine cables worth approximately 110 billion KRW to the wind power complex being constructed by Taiwan Power Company (TPC) off the western coast of Taiwan. The contract was signed with Foxwell Energy, a Taiwanese energy company and the construction contractor.
With this, LS Cable & System has secured the supply rights for ultra-high voltage submarine cables for all eight projects of Taiwan's first offshore wind power complex construction project. The total contract amount so far reaches about 900 billion KRW, and additional orders are expected upon the progress of this contract.
Goh Euigon, Head of LS Cable & System's Submarine Global Sales Division (left), and David Fu, President of Foxwell Energy, are signing a contract at Foxwell Energy headquarters in Taiwan. Photo by LS Cable & System
LS Cable & System is strengthening cooperation with global offshore wind power operators such as Denmark's Ørsted and CIP, Belgium's Jan De Nul, and Germany's WPD in each project, accelerating market expansion in Europe and North America as well.
Taiwan plans to complete a 5.5 GW wind power complex through the first phase by 2025 and to additionally develop 15 GW by 2035. This scale is equivalent to about 20 nuclear power plants of 1 GW each.
An LS Cable & System official said, "The additional submarine cable market expected to be ordered from this year is estimated to reach about 20 trillion KRW," adding, "Based on our overwhelming submarine cable manufacturing capabilities and experience, we are seeking to expand our business by cooperating with KT Submarine and entering the construction market."
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