"Domestic First Challenge in Developing and Commercializing Dynamic Cable"
LS Cable & System is expanding cooperation with global investment and development companies to supply submarine cables for floating offshore wind farms being established off the coast of Ulsan. The company aims to achieve both strengthening the competitiveness of the domestic floating offshore wind industry and securing a leading position in the global market.
Koo Bon-gyu, CEO of LS Cable & System (left), and Jonathan Spink, CEO of Haewool Offshore Wind Power Co., Ltd., are posing for a commemorative photo after signing the "Haewool 3 Offshore Wind Power Cooperation Memorandum of Understanding" at the Haewool Offshore Wind Power office in Jongno-gu, Seoul, on the 20th. Photo by LS Cable & System
On the 20th, LS Cable & System announced that it signed a Letter of Intent (LOI) for cooperation on the Haewoolyi 3 offshore wind project with CIP, a Danish green energy investment and development company.
The Haewoolyi offshore wind projects 1, 2, and 3 are large-scale floating offshore wind projects with a total capacity of 1.5 gigawatts (GW). CIP aims to establish these projects by 2030 approximately 80 km offshore from the Ulsan coast.
This Letter of Intent was signed specifically for the Haewoolyi 3 offshore wind project, which is the first to be pursued among them.
Floating offshore wind power is a method where turbines are installed on floating structures rather than fixed to the seabed, allowing power generation even in deep waters. It is gaining attention as an alternative to solve the shortage of installation space along coastlines.
LS Cable & System developed the first dynamic submarine cable for floating offshore wind in Korea, secured its durability, and obtained international certification. Additionally, through cooperation with its subsidiary LS Marine Solutions, the company is strengthening the offshore wind value chain by acquiring new vessels and enhancing market competitiveness.
LS Cable & System CEO Koo Bon-gyu emphasized, "LS Cable & System's technological capabilities will significantly contribute to strengthening the competitiveness of Korea's floating offshore wind industry as well as securing a leading position in the global market."
Haewoolyi Offshore Wind Power Co., Ltd. is the project company for CIP's Ulsan offshore wind project. It has obtained permits for all three 1.5 GW floating offshore wind power generation projects and is advancing business development.
Jonathan Spink, CEO of Haewoolyi Offshore Wind Power Co., Ltd., stated, "We will strengthen partnerships with Korean offshore wind supply chain companies to enhance industrial competitiveness and cooperative value."
The government announced plans for floating offshore wind power tenders totaling 2.5 to 3 GW by 2026. Last month, it allocated approximately 500 megawatts (MW) for the first time through a fixed-price wind power tender announcement.
Earlier this month, LS Cable & System signed a Memorandum of Understanding (MOU) for the Firefly floating offshore wind project with Equinor of Norway, further strengthening cooperation with global developers.
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