LS Cable & System (006260) and LS Marine Solution (060370) will jointly handle the submarine cable supply and installation for a massive offshore wind project being developed off the coast of Sinan, South Jeolla Province.
LS Cable & System and LS Marine Solution said Wednesday they have been selected as preferred bidders for the submarine cable supply and installation of the "Haesong Offshore Wind Project" being pursued by Copenhagen Infrastructure Partners (CIP), a global green energy investment and development firm.
The Haesong project is a large-scale, 1-gigawatt (GW) development that will build two 504-megawatt (MW) wind farms in waters near Heuksando Island in Sinan County, South Jeolla Province. LS will take exclusive charge of the project on a turnkey basis, covering everything from the production to the installation of the entire external and internal submarine cable networks. The company plans to specify a detailed framework before the main contract to solidify the supply system for core materials.
The industry is paying attention to CIP, a global developer, selecting a Korean company as its core infrastructure supply and installation partner. Because the track record of carrying out projects is considered a key factor determining business stability in large-scale submarine cable construction, the move is seen as proof of the global collaboration capabilities LS has accumulated. Through this, the project is expected to raise the localization rate of core offshore wind infrastructure and further strengthen the stability of the domestic supply chain.
This project is the first case in which a cooperation model linking LS Cable & System's submarine cable technology with KEPCO Engineering & Construction's power system design and engineering, procurement and construction (EPC) capabilities is actually applied.
"Submarine cables are core infrastructure for the national power grid and energy security," said Park Seung-ki, head of LS Cable & System's domestic energy sales division. "Based on our turnkey competitiveness, we will contribute to stable project execution and the strengthening of the domestic offshore wind supply chain."
