LS Cable & System signs MOU with Equinor for world's largest floating offshore wind farm... Koo Bon-gyu: "Contributing to global leadership of 'K-Offshore Wind'"

Bigspo 2024 On-site Contract... Korea's First 750MW Floating Offshore Wind Project
"Expecting Korea's First Commercialization with Cable Supply... Leading Domestic and International Markets with Government Support"

LS Cable & System is advancing the world's largest floating offshore wind power project in collaboration with Norwegian integrated energy company Equinor. This marks the first large-scale floating offshore wind project in South Korea.

On the 6th, at the 'Big Expo 2024' held at the Kim Dae-jung Convention Center in Gwangju, Koo Bon-gyu, CEO of LS Cable & System (center), Torge Nækken, Equinor General Director (right), and Embrett Jonsgard, Equinor Purchasing Director, are taking a commemorative photo. Photo by LS Cable & System

On the 6th, LS Cable & System announced that it signed a Memorandum of Understanding (MOU) for cooperation on the 'Firefly Floating Offshore Wind Power Project,' the world's largest floating offshore wind power project, with Equinor. The agreement was signed at the Gwangju Kim Dae-jung Convention Center, the venue for South Korea's largest power exhibition, BIXPO 2024 (Bitgaram International Power Technology Expo).

Equinor plans to develop a 750-megawatt (MW) floating offshore wind power facility by 2030 approximately 70 km off the coast of Ulsan. This is South Korea's first large-scale floating offshore wind project. Floating offshore wind power installs turbines on floating platforms rather than fixed to the seabed, enabling power generation even in deep waters. Globally, demand is increasing due to the shortage of installation space along coastlines.

LS Cable & System has developed Korea's first dynamic subsea cable for floating offshore wind power. The company has proactively prepared by securing durability applicable to harsh marine environments and obtaining international certifications. Dynamic cables are highly advanced products that must withstand strong waves and currents while reliably transmitting power. Only a few companies worldwide have succeeded in developing them.

LS Cable & System CEO (President) Koo Bon-gyu said, "LS Cable & System's technology will strengthen the competitiveness of Korea's floating offshore wind power industry and significantly contribute to securing a leading position in the global market." He added, "Together with LS Marine Solution and LS Eco Energy, we will further strengthen the subsea business value chain."

Equinor's Managing Director Torge Næss responded, "We are very pleased to collaborate with LS Cable & System on the Firefly floating offshore wind power project. Through this partnership, we hope to support South Korea's emergence as a global leader in the floating offshore wind power sector."

On the 6th, visitors are touring the LS Cable exhibition hall at 'Bigspo 2024'. Photo by LS Cable

The government recently announced plans for floating offshore wind power tenders totaling 2.5 to 3 gigawatts (GW) by 2026. Last month, about 500 MW was allocated for floating offshore wind power for the first time through a fixed-price contract tender announcement.

A company official explained, "The government policy reflects the importance of floating offshore wind power generation," adding, "It is also receiving significant attention in the domestic energy market."

LS Cable & System also showcased high value-added products at the BIXPO 2024 exhibition, including dynamic cables for floating offshore wind power, high-voltage direct current (HVDC) subsea cables, and superconducting cable solutions for data centers (IDC).