First Korean Cable Producer to Enter Taiwanese Market
LS Cable announced on Jan. 7 that it would supply submarine cables to Taiwan, becoming the first Korean cable producer to advance into the Taiwanese market.
LS Cable signed a contract with WPD, a leading wind power company of Germany, to supply 170 km of 66 kV submarine cable to an offshore wind farm off the coast of Yunlin Xian in the western region of Taiwan by 2020.
Taiwan is pushing for construction of large-scale offshore wind farms by 2030 in order to phase out nuclear power plants and ramp up the proportion of renewable energy.
European wind power development companies are taking the lead in the first phase project where the Taiwanese government will build a 5.5 GW wind power generation complex by investing about US$23 billion by 2025.
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Michael Herh
contact@businesskorea.co.kr