SEOUL -- LS Cable & Systems, a major power cable manufacturer in South Korea, has entered into a contract to become the preferred bidder for an offshore wind farm project in Taiwan. The company will collaborate with its Danish and Taiwanese counterparts to supply underwater power cables.
The South Korean power cable company announced that it has signed a preferred bidder agreement with Denmark's constructor CIP and Taiwan's offshore wind farm operator Fengmiao to supply underwater cables for a wind farm project planned near Taichung City on the west coast of the island.
The deal for supplying 500-megawatt-class cables is estimated to be worth about 130 billion won ($97.9 million). This project marks the inception of Taiwan's second 15-gigawatt-class offshore wind farm project, set to commence construction in 2026 and conclude by 2035. LS Cable anticipates additional orders for submarine cables worth about 3 trillion won.
"Being chosen as the preferred supplier for Taiwan's second offshore wind farm project underscores our global business capabilities," a representative from LS Cable told Aju Business Daily on March 6. The power cable manufacturer had secured all supply contracts for the first wind farm project.
The LS Cable representative added, "Only three to four top-tier companies are invited to bid for large-scale offshore wind farm projects. LS Cable has gained a significant competitive edge by fostering strong collaborative relationships with global offshore wind power operators in Europe, the United States, and other countries over the past 15 years."
Meanwhile, the South Korean cable manufacturer is currently contemplating the establishment of an underwater power cable factory in Vietnam, in response to projections of increased demand for submarine cables driven by rising electricity consumption.
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