À̹ÌÁö È®´ë [Photo by LS Cable & Systems Ltd.]
South Korea¡¯s leading cable maker LS Cable & Systems Ltd. (LS C&S) has bagged an 89 million euro ($100 million) submarine cable deal from Orsted Taiwan, the local unit of Denmark¡¯s state-run renewable energy company Orsted that is building offshore wind farms in Taiwan.
Under the contract, LS C&S will supply its submarine power cables to Orsted Taiwan¡¯s offshore wind farm in Changhua County in western Taiwan until 2022, the company said Friday.
The achievement is the second after a similar deal in January this year, raising hopes for more wins.
The Taiwanese government is planning to invest $23 billion in total until 2025 to generate 20 percent of the country¡¯s electricity from renewable energy sources.
À̹ÌÁö È®´ë [Photo by LS Cable & Systems Ltd.]
Under the plan, nearly ten wind farms with a combined annual capacity of 5.5-gigawatt are now under construction to raise the ratio from current 5 percent. The grid in Changhua County would be the biggest with annual capacity of 900-megawatt, equivalent to the output of a nuclear power plant unit.
LS C&S started the submarine cable business in 2009 and has become a global name with technical prowess in just 10 years. It expects a stable revenue growth with orders for submarine power cables, in line with the steady rise in demand for offshore wind farms in Europe and Asia.
LS C&S and Orsted have maintained a close relationship on various projects including the world¡¯s largest Hornsea Wind Farm project. Orsted, formerly DONG Energy, is the largest energy company in Denmark, 51 percent of which is held by the Danish government. With a focus on the renewable energy business recently, the company generated 13.5 trillion won ($11.47 billion) in revenue in 2018.
By Kang Gye-man and Lee Ha-yeon
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]