LS Marine Solution announced on April 28 that it has signed a $15.8 million contract for the installation of undersea cables at a wind farm in Taiwan.
This contract marks LS Marine Solution's first overseas order in the power grid business and is notable for being the first instance of a domestic undersea cable construction company entering the international market, representing a significant turning point for global expansion.
The project is part of the 'TPC Offshore Wind Phase 2' initiative, which is being led by the Taiwan Power Company (TPC) and has a capacity of 294.5MW. It is a key component of the Taiwanese government’s first phase plan to establish a total of 5.6GW of offshore wind farms from 2020 to 2025.
The Taiwanese government has established a long-term roadmap with the goal of securing a total of 20.6GW of offshore wind power capacity by 2035. With this contract, LS Marine Solution has laid the groundwork to establish a leading position in the offshore construction market, which is expected to be worth around 25 trillion won in phases two and three.
Over the past 30 years, LS Marine Solution has collaborated with various companies, including Meta and Microsoft, to build international undersea communication networks connecting Korea, North America, and various countries in Asia, thereby enhancing its technological capabilities. Since acquiring LS Cable & System, the company has expanded its operations into the power grid sector, and this contract serves as proof of its global competitiveness.
Notably, LS Cable & System has supplied about 1 trillion won worth of high-voltage undersea cables almost exclusively for the first phase of the Taiwanese offshore wind project. As such, LS Marine Solutions' entry into the construction arena is expected to strengthen manufacturing synergy further.
Kim Byeong-ok, CEO of LS Marine Solution, stated, “Based on our accumulated technology and experience as a first-generation domestic undersea cable construction company, we have successfully made our first step into the overseas power grid market. This project in Taiwan will serve as a catalyst for further expansion into the global market.”
