Once Again LS Cable... Contract to Supply Submarine Cables Worth 160 Billion Won to Taiwan

[Financial News] LS Cable has achieved its 10th consecutive order in the Taiwanese offshore wind power market. LS Cable recently announced on the 1st that it has signed a contract to supply submarine cables worth approximately 160 billion won for the Formosa 4 project.
Formosa 4 is a 495-megawatt (MW) complex being developed 18 km offshore in the west by Taiwan's offshore wind power developer Sinera Renewable Energy (SRE), and is a core project of the Taiwanese government's offshore wind power commercialization phase 2. LS Cable signed its first submarine cable contract in Taiwan in 2019 and has since won all projects (8 cases) in the commercialization phase 1. Following the first phase 2 project 'Pengmiao', it has successfully secured the Formosa 4 project as well.
LS Cable's competitiveness in Taiwan is being extended to its subsidiary LS Marine Solution. LS Marine Solution won a submarine cable installation contract in Taiwan last April, becoming the first domestic submarine construction company to enter overseas markets. Based on LS Cable's global network, the 'production, construction' value chain is now fully operational.
Taiwan plans to secure 5.7 gigawatts (GW) of offshore wind power by 2025 and add 15GW by 2035, creating a total of over 20GW. An LS Cable representative said, "We have accumulated business experience by collaborating with major global developers such as Denmark's Ørsted and CIP in Taiwan," adding, "The continuous order success is a result of this experience and trust." kjh0109@fnnews.com Kwon Jun-ho Reporter