Secured Priority Negotiation Rights for Land Lease
"Likely to Succeed in European Localization"
LS Eco Energy announced on the 12th that it has entered negotiations to secure a site for its UK subsea cable project.
LS Eco Energy has secured the right of first negotiation for leasing a site at Tyne Port in the northeast. The site, including the port, covers approximately 154,711㎡ (46,800 pyeong). LS Eco Energy plans to complete negotiations on lease terms within this year.
The negotiations are being conducted jointly with GIG (Global Interconnection Group), an energy investment company in the UK. GIG is known to be promoting a multi-trillion won offshore grid (subsea cable connection) project between the UK and Iceland.
On the 11th (local time), at the GIG headquarters in London, UK, Lee Sang-ho, CEO of LS Eco Energy (front row, right), Amelia Henning, CEO of GIG, and other representatives from both companies took a commemorative photo after securing the priority negotiation rights for leasing the site for the subsea cable project. [Photo by LS Eco Energy]
Lee Sang-ho, CEO of LS Eco Energy, said, "If we succeed in localization in Europe, we will secure economic feasibility and be able to supply not only the UK but also neighboring countries."
Europe plans to expand offshore wind power capacity from 30GW in 2023 to 300GW by 2050. The industry expects that the supply of subsea cables will be absolutely insufficient compared to the power generation plans.
The company explained, "The expansion of subsidies and the exclusion of products from certain countries due to security issues are also factors favoring localization."
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