LS Cable & System has won the ‘Jeju 3-connection submarine cable construction project’ from Korea Electric Power Corporation (KEPCO).
According to the Korean cabling firm, the deal has a value of approximately 232.4 billion won (close to $214 million).
This is the largest submarine cable project in Korea following the ‘Jeju 2-connection submarine cable construction project’ completed in 2009.
LS Cable & System will be connecting the 90-kilometre distance between Wando in Jeollanam-do and Jeju-do with HVDC cables.
The company will be fully responsible for the project from the production of submarine cables to construction of all ancillary facilities.
Submarine cables will be routed in two lines to respond to the increase in Jeju’s electricity demand for reliable power supply, and at the same time it can transmit renewable energy generated on Jeju-do to the shore.
President & CEO Roe-hyun Myung said, “When participating in this project, we not only considered the business results, but our responsibility for building-out the national power grid infrastructure as well. We will complete this project successfully, with a strong sense of duty.”
As countries around the world strengthen their renewable energy policies, LS Cable & System will expand its investments in such technologies by, for example, constructing specialized HVDC factories in Donghae-si, Gangwon-do in 2021. The company also expects that it will contribute to the development of the regional economy and employment through expanding local investment.
During this past year, LS Cable & System has won projects in the United States, Middle East and Europe, and, significantly, has entered into a long-term supply agreement with Orsted.