Taihan Cable & Solution announced that it has secured a milestone contract in Singapore, further strengthening its position as a global leader in the high-voltage power grid sector. The company said in a public disclosure that it had signed two contracts with Singapore's SP PowerAssets Limited, aiming for the supply and installation of 400kV high-voltage power grids, totaling 840 billion won.
The NDC373 project, one of the two contracts, is valued at around 500 billion won, making it the largest high-voltage AC transmission network export in South Korea's history. This project involves constructing a 400kV high-voltage underground power grid, the highest voltage used locally, across Singapore. Taihan Cable & Solution will execute the project in a full turn-key manner, handling everything from power grid design, production, laying, and connection, to testing.
Vice Chairman Song Jong-min expressed his pride in the achievement, stating, "Winning a landmark project in Singapore, where technology and quality verification are stringent, demonstrates Taihan Cable & Solution's competitiveness in all aspects, including technology, quality, and service". He further added, "We will continue to contribute to enhancing national competitiveness by widely promoting the excellence of Korean cable technology and products in key markets such as the United States, Europe, and Asia".
Taihan Cable & Solution's success in securing this contract amidst competition from leading global companies underscores its robust capabilities and reputation in the industry. The contract amount is approximately 30% of Taihan Cable & Solution's consolidated sales for 2023, which stands at 2.844 trillion won, highlighting its significant economic impact.
The company's track record in Singapore is notable, having previously completed 400kV projects in 2016 and 2022. This consistent performance has established Taihan Cable & Solution as the only domestic company to participate in all 400kV full turn-key projects conducted in Singapore.
The global power grid sector is highly competitive, with major players vying for large contracts in technologically advanced markets like Singapore. Taihan Cable & Solution's success in this environment is a testament to its technological advancements and strategic prowess.
High-voltage power grids are crucial for modern infrastructure. They play a major role in electricity transmission and present technical challenges in their construction and maintenance. Understanding the context of this attainment requires familiarity with several key aspects. Taihan Cable & Solution, known for securing large-scale international contracts, the company is a significant player in the global electrical and power cable industry.