Director of Submarine Cable Global Sales Division of LS C&S Ui-gon Goh (left) and President of Foxwell Energy David Fu sign the agreement at Foxwell Energy Headquarters.
■ LS C&S wins bidding for all extra-high voltage cable contracts for First Offshore Wind Power Project worth 900 billion won in total
■ Takes lead in market worth 2 trillion won for Second Offshore Wind Power Project led by Taiwan Power Company
■ Cooperating with KT Submarine and expanding business by entering construction market
LS C&S announced on March 23, 2023, that the company will be supplying submarine cables worth approximately 110 billion won to the wind farm constructed off the west coast of Taiwan by the Taiwan Power Company (TPC). LS C&S concluded the agreement with the Foxwell Energy, an energy enterprise based in Taiwan and the constructor in the upcoming construction project.
As a result, LS C&S has won all the supplier rights for extra-high voltage submarine cables for the eight projects under the First Offshore Wind Farm Project in Taiwan. The total contract amount as of now is at approximately 900 billion won and the company expects additional orders once the agreement above moves forward.
LS C&S has also further strengthened its cooperation with other global offshore wind business operators such as Ørsted and CIP based in Denmark, Jan De Nul based in Belgium, and WPD based in Germany through their respective projects as it continues to accelerate its expansion in the European and North American markets.
Taiwan is planning to finish the construction of a 5.5 GW wind farm through the first project by 2025 and build another 15 GW wind farm by 2035. These farms would have a capacity equivalent to approximately twenty 1-GW nuclear reactor units.
An LS C&S spokesperson stated, “With the additional orders being placed this year, we expect the submarine cable market to be worth approximately two trillion won,” and added, “We are exploring ways to expand our business through our cooperation with KT Submarine and entering the construction market based on our superb submarine cable manufacturing capabilities and experience.”
LS C&S has recently acquired shares in KT Submarine, a company specializing in submarine cable construction, and improved its construction capabilities. There are only five companies worldwide that can provide both manufacturing and construction of submarine cables, and LS C&S is the only company with such capabilities in Korea.