Taihan wins turnkey 380-kV power grid deal in Germany
Summary
Taihan Cable & Solution won a turnkey contract to build a 380-kilovolt underground power grid in Germany, expanding its European business. Its Dutch subsidiary, Taihan Netherlands, will manage local engineering and construction, while the Korean headquarters supplies key materials. The company disclosed a 115 billion won supply contract between the headquarters and subsidiary, but not the total project value or client. Taihan said it has secured more than 500 billion won in European orders this year.
Key Facts
- The 115 billion won supply contract is worth about $87 million.
- The company described 380 kV as the highest voltage used in Germany’s underground alternating-current power network.
- Taihan won two 380-kV grid projects in Germany in January 2023.
- This year’s European orders include large-scale projects in Germany, Denmark and Britain.
- Taihan established a British branch in 2017 and expanded it into a European headquarters in 2019, the year it also established its Dutch subsidiary.
Taihan Cable & Solution's products are being shipped at a port. Courtesy of Taihan Cable & Solution
Taihan Cable & Solution won a turnkey contract to build an extra-high-voltage power grid in Germany, expanding its presence in the European market, the Korean cable maker said Tuesday.
The project was secured by the company’s Dutch subsidiary, Taihan Netherlands, through a turnkey arrangement, under which a single contractor handles a project from start to finish. The subsidiary will oversee the entire project, including local engineering and construction, while the Korean headquarters will manufacture and supply key materials such as extra-high-voltage cables and joints.
Taihan said in a regulatory filing the same day that its headquarters signed a supply contract worth about 115 billion won ($87 million) with the subsidiary. The total value of the turnkey deal is higher, but the company did not disclose the figure or the client, citing a confidentiality agreement.
The project involves building a 380-kilovolt (kV) underground grid, the highest voltage used in Germany’s underground alternating current power network. Taihan won two 380-kV grid projects in Germany in January 2023.
The company has secured more than 500 billion won in new orders in Europe this year alone, including large-scale projects in Germany, Denmark and Britain. It plans to accelerate its push into the region, where investment in extra-high-voltage power infrastructure continues to grow amid the spread of artificial intelligence and a rising number of data centers.
“Based on the trust we have earned from customers in the extra-high-voltage grid business, we will expand business opportunities in high-voltage direct current and submarine cables and turn them into new orders,” a Taihan official said.
Taihan set up a branch in Britain in 2017 to enter the European market and expanded it into a European headquarters in 2019, when it also established its Dutch subsidiary. It currently operates five branches, including in Denmark, Sweden and Britain, along with the subsidiary in Europe.
This article was published with the assistance of generative AI and edited by The Korea Times.
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