South Korea’s LS Marine Solution has won a $15.8m contract for the installation of subsea cables at a wind farm off Taiwan.
The contract is LS Marine Solution’s first overseas order and the first time a South Korean company has entered the international subsea cable market.
The project is part of the second phase of the TPC offshore wind project, which is being developed by the Taiwan Power Company.
The project will have a capacity of 294.5MW. It is considered 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. In the long term, Taiwan has a goal of constructing a total of 20.6GW of offshore wind power capacity by 2035.
“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,” said Kim Byeong-ok, CEO of LS Marine Solution.
