South Korean subsea cable manufacturer LS Cable & System and Canadian offshore wind developer Northland Power have signed a Memorandum of Understanding (MOU) on cooperation in the South Korean offshore wind market.
LS Cable & System was recently selected as a preferred supplier of submarine cables for Northland Power’s 1 GW Hai Long Wind Farm Project in Taiwan and with Northland Power also expanding its business in Korea, the cable manufacturer expects to see its sales grow further.
Northland Power acquired the South Korean offshore wind developer Dado Ocean Wind Farm last year and obtained multiple early-stage offshore wind development sites of the Dado Ocean project in Chodo-ri and Sonjuk-ri of Yeosu City, 35 kilometres off the southern coast of the Korean Peninsula.
Following the acquisition, Northland Power identified additional offshore wind development sites in the proximity of Dado Ocean’s original sites, which are said to increase the development capacity to approximately 1 GW.
According to the press release from LS Cable & System on the MOU with the developer, the Dado Ocean project is planned to have a total capacity of 1.3 GW.
As for the cable manufacturer, the company has also recently entered into an agreement with Korea Development Bank (KDB) to support its path towards carbon neutral operations at its Donghae factory.
LS Cable & System will receive funds from KDB totaling KRW 1 trillion (approx. EUR 730 million) over the next five years to use it for environmentally friendly business, such as the production of submarine cables for offshore wind farms. “LS Cable & System is investing huge amounts of money in the submarine cable industry in line with the government’s carbon neutral policy” , the company said. “We have secured stable funds necessary for equipment expansion and R&D investments”.