LS Cable & System will develop Korea’s first dynamic submarine cable for Haewoori floating offshore wind power. The company is enhancing its market competitiveness by strengthening its offshore wind power value chain, such as by acquiring new vessels, in cooperation with its subsidiary LS Marine Solutions.
Dec 5, 2024
LS Cable & System has announced that it has signed a letter of intent (LOI) for cooperation on the Haewoori 3 offshore wind power project with CIP, a Danish green energy investment and development company.
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Haewoori offshore wind power 1, 2, and 3 are large-scale floating offshore wind power projects with a total capacity of 1.5 GW. CIP aims to build wind farms by 2030 on the sea approximately 80 km off the coast of Ulsan. This letter of intent to cooperate was signed in relation to Haewoori offshore wind power 3. LS Cable & System will develop Korea’s first dynamic submarine cable for floating offshore wind power. The company is enhancing its market competitiveness by strengthening its offshore wind power value chain, such as by acquiring new vessels, in cooperation with its subsidiary LS Marine Solutions.
Koo Bon-kyu, CEO of LS Cable & System, said, “LS Cable & System’s technological prowess will strengthen the competitiveness of Korea’s floating offshore wind power industry, and also contribute greatly to the company taking the lead in the global market.”
Jonathan Spink, CEO of Haewoori Offshore Wind Co., Limited, said, “We are working with LS Cable & System to strengthen our partnerships with Korean offshore wind power suppliers to enhance industrial competitiveness and cooperative value.”
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The Korean government announced plans to hold bids for floating offshore wind power projects totaling 2.5 to 3 GW by 2026, and allocated a purchase volume of around 500 MW for the first time through a wind power fixed-price bid notice in October. In line with this, LS Cable & System signed an MOU with Norwegian company Equinor earlier this month for cooperation on the Firefly/Bandibuli Floating Wind Farm Project and is continuing to strengthen cooperation with global developers.
