Taihan Cable wins $24 million deal to build power grid in California
Sungsu Bae
Nov 16, 2022 (Gmt+09:00)
Taihan Cable's power cables being installed in the US Taihan Cable & Solution Co., a South Korean electric wire maker, said on Wednesday it has won a $24 million deal to build a power grid in the US state of California.
The deal won by Taihan’s US subsidiary, T.E. USA, is to build a power facility in connection with a large-scale solar power plant to be built in the eastern desert of California. For the project, the Korean company will supply 230 kilovolt-class extra-high voltage underground power lines.
The latest deal comes after a similar power grid construction contract it clinched in March for an offshore wind farm on the eastern coast of the US.
Taihan Cable & Solution's plant in Dangjin, South Chungcheong Province Taihan Cable’s power grid construction orders in North America have reached $300 million, including the latest $24 million contract, so far this year. Last year, the company’s deals in the region stood at $240 million.
The demand for power infrastructure in the US is growing rapidly in recent months as energy companies are aggressively moving to build eco-friendly energy systems to receive state subsidies following the implementation in August of the Inflation Reduction Act (IRA).
“We plan to roll out more extra-high voltage cables as well as medium and low-voltage power lines in the US,” said a company official. “We’re also looking to clinch deals for renewable energy-related products such as underground cables and solar energy cables.”