LS Marine Solution Enters Taiwanese Offshore Wind Power Market
Synergy Expected with LS Cable & System
LS Marine Solution announced on April 28 that it has signed a subsea cable installation contract worth $15.8 million (approximately 22.7 billion KRW) for an offshore wind farm in Taiwan. This marks the first time LS Marine Solution has secured an overseas power grid project.
This project is part of the "TPC Offshore Wind Farm Phase 2" initiative, which is being promoted by Taiwan Power Company (TPC) with a capacity of 294.5MW (megawatts). It is also a component of the first phase of the Taiwanese government's plan to build a total of 5.6GW (gigawatts) of offshore wind farms between 2020 and 2025. The Taiwanese government is implementing a long-term roadmap with the goal of securing a total offshore wind power capacity of 20.6GW by 2035.
LS Marine Solution explained that this contract has laid the groundwork for the company to secure a leading position in the subsea construction market, which is expected to be worth approximately 2.5 trillion KRW in the second and third phases of Taiwan's offshore wind farm development. In particular, since LS Cable & System has effectively been the sole supplier of extra-high voltage subsea cables worth about 1 trillion KRW in the first phase of Taiwan's offshore wind projects, LS Marine Solution's entry into construction is expected to create a synergy effect that encompasses both manufacturing and installation.
Kim Byungok, CEO of LS Marine Solution, said, "With the technology and experience we have accumulated as Korea's first-generation subsea cable installation company, we have taken our first step into the overseas power grid market," adding, "We will further expand our presence in the global market."
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