Diversifying Markets for Submarine Cables
LS Cable announced on July 23 that it has signed a contract to supply 130 kilometers of submarine cables to an offshore wind farm in Taiwan.
LS Cable will supply submarine cables to the offshore wind farm in Miaoli in the western part of Taiwan by 2021 through a contract with Belgian construction company Jan De Nul. This order is the third one from Taiwan alone. LS Cable received the first order from Taiwan in January. The three submarine cable orders add up to about 200 billion won.
In February, LS Cable signed a contract to supply 100 kilometers of submarine cables to a Brazilian power grid operator. The cables will be used to connect the island of Santa Catarina, a southern resort town, to the main land.
Brazil relies on hydropower from the Amazon River for more than 60 percent of its total power generation. It is seeking to diversify power supply sources into wind power and solar power as hyrdopower generation has decreased due to droughts caused by global warming.
LS Cable successfully developed submarine cables for the first time in Korea in 2007 and is diversifying its markets into South America and North America after zeroing in on the Middle East in its early stage.