LS Cable, LS Marine Solution sign deal on Taean offshore wind cable project
Summary
LS Cable & System and LS Marine Solution signed a capacity reservation agreement with Taean Wind Power on Monday to supply and install subsea cables for a 504-megawatt offshore wind farm off Korea’s west coast. The agreement reserves cable production capacity and installation vessel schedules while the parties review specifications and installation work. They plan to settle the contract value and other details and sign a final contract within the year. The project is scheduled for completion in 2030.
Key Facts
- The two LS companies were selected as preferred bidders for the project in 2024.
- Taean Wind Power is jointly developing the project with Korea Western Power, Vena Energy and Copenhagen Infrastructure Partners.
- The wind farm will be built off Taean County in South Chungcheong Province, about 150 kilometers southwest of Seoul.
- LS Marine Solution plans to deploy its GL2030 cable-laying vessel, which has been enlarged to a 7,000-ton class.
- The companies said Korea’s domestic offshore wind market is targeted to reach 55 gigawatts by 2035.
LS Marine Solution's subsea cable vessel GL2030 / LS Cable & System
LS Cable & System and its affiliate LS Marine Solution have signed a deal with the developer of a 504-megawatt offshore wind farm off Korea’s west coast to supply and install its subsea cables, the companies said Monday.
The two companies signed a capacity reservation agreement (CRA) with Taean Wind Power. A CRA reserves cable production capacity and installation vessel schedules before a final contract is signed.
The agreement follows the developer’s selection of the two companies as preferred bidders in 2024. They are now reviewing cable specifications and the scope of installation work through engineering and site surveys. They plan to agree on the contract value and other details and sign a final contract within the year.
The Taean offshore wind project is being jointly developed by state-run Korea Western Power, Singapore-based renewable energy company Vena Energy and Danish renewable energy investor Copenhagen Infrastructure Partners. The wind farm will be built off Taean County in South Chungcheong Province, about 150 kilometers southwest of Seoul, and is scheduled for completion in 2030.
It is the second large offshore wind project for the two LS companies, after the Shinan Ui offshore wind farm off the southwest coast. LS Marine Solution plans to use GL2030, a subsea cable-laying vessel it has enlarged to a 7,000-ton class.
The companies will handle the cables on a turnkey basis, covering everything from production to installation. With that experience, they plan to compete for more work in the domestic offshore wind market, which they said is targeted to reach 55 gigawatts by 2035.
“Because subsea cables are installed in the harsh environment of the open sea, it is important to closely link cable production and installation to improve on-site responsiveness and accountability,” an LS Cable & System official said. “We will push ahead with the main contract without setbacks and expand our presence in the domestic offshore wind market.”
This article was published with the assistance of generative AI and edited by The Korea Times.
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