LS Cable wins $86 mn contract to supply submarine cables to Taiwan
Ji-Eun Jeong
Mar 23, 2023 (Gmt+09:00)
LS Cable & System Ltd. announced on Thursday that it has won a contract worth about 110 billion won ($86 million) to supply submarine cables for wind farms being built by Taiwan Power Company (TPC) off the west coast of Taiwan. The company signed an agreement with Taiwan's energy company, Foxwell Energy, for the project.
With this deal, LS Cable has secured the rights to supply extra-high-voltage submarine cables for all eight projects in the first offshore wind farm construction in Taiwan. The total amount of contracts signed so far is 900 billion won ($703 million).
Taiwan plans to complete 5.5-gigawatt (GW) wind farms by 2025 and develop an additional 15 GW by 2035, equivalent to about 20 nuclear power plants with a capacity of 1 GW each.
LS Cable recently acquired a stake in submarine cable specialist KT Submarine, strengthening its construction capabilities. The company stated that it plans to expand its business through collaboration with KT Submarine and entering the construction market, based on its overwhelming submarine cable manufacturing capacity and experience.