LS Cable & System along with its partner LS Marine Solution announced that they have reached an agreement with the developer of a 504-megawatt offshore wind farm located off the west coast of Korea to provide and install the necessary subsea cables.
The two firms entered into a capacity reservation agreement (CRA) with Taean Wind Power. A CRA holds cable manufacturing capability and installation vessel timelines prior to the signing of a final agreement.
Also Read: Yas World Resort Joins IHG’s Vignette Collection
The deal comes after the developer chose the two firms as favored bidders in 2024. They are currently evaluating cable specifications and the extent of installation tasks by conducting engineering and site surveys. They intend to finalize the contract value and other specifics and sign a definitive contract by the end of the year.
The Taean offshore wind project is a collaborative effort involving state-owned Korea Western Power, Vena Energy, a renewable energy firm based in Singapore, and Copenhagen Infrastructure Partners, an investor in renewable energy from Denmark. The wind farm is set to be constructed off the coast of Taean County in South Chungcheong Province, approximately 150 kilometers southwest of Seoul, with a completion date planned for 2030.
This is the second major offshore wind venture for the two LS companies, following the Shinan Ui offshore wind farm located off the southwestern coast. LS Marine Solution intends to utilize GL2030, a subsea cable-laying ship it has modified to a 7,000-ton capacity.
The firms will manage the cables on a turnkey basis, encompassing all aspects from manufacturing to installation.
Drawing from that experience, they aim to pursue additional opportunities in the domestic offshore wind sector, which they claim is expected to achieve 55 gigawatts by 2035.
Earlier, LS Marine Solution has enhanced its submarine cable installation vessel GL2030, increasing its capacity to tackle extensive offshore wind and high-voltage direct current transmission projects as the need for undersea energy infrastructure rises.
Also Read: Tesla, Samsung Oppose US Tariffs on Vietnam as Deadline Nears
LS Marine Solution announced that it had finished alterations to GL2030, enhancing the ship’s cable loading capacity from 4,000 tons to 7,000 tons. The enhancement enables the ship to transport greater amounts of submarine cable in one journey, facilitating uninterrupted installation along paths exceeding 100 kilometers while decreasing the required number of trips and boosting construction efficiency for large-scale projects. The firm stated that the funding targets meeting the increasing need for underwater power systems, such as offshore wind energy facilities and HVDC networks.
The South Korean government has recently revealed plans for offshore wind bidding amounting to 55 gigawatts by 2035, while progress continues on the West Coast HVDC Energy Highway project as part of initiatives to enhance the country’s power grid. The company stated that there is a rising demand for the installation of submarine power and communications cables due to increased investment in international undersea networks driven by artificial intelligence data centers.
Also Read: Lee Vows to Make Bold AI Investment in Record Budget Push
LS Marine Solution announced that it is enhancing its vessel capabilities to adapt to various sea conditions and project demands. The GL2030 is designed for shallow coastal waters, and the company indicated it intends to create a dual-track construction system that can manage both coastal and long-range, high-capacity projects after the completion of its next-generation 13,000-ton cable installation vessel.