Gaon Cable wins Saemangeum floating solar power grid contract, expanding from distribution to transmission

[Financial News] Gaon Cable will build the external transmission network for the Saemangeum floating solar power complex, following its work on the complex’s internal distribution network.
Gaon Cable announced on the 6th that it had signed a contract with BS Hanyang to supply and install 154-kV extra-high-voltage cables for the Saemangeum Sunshine Sharing Project.
The Saemangeum Sunshine Sharing Project is a project to build a 73.2-MW floating solar power facility in and around Okgu-eup, Gunsan, Jeonbuk State. As part of the Saemangeum floating solar power project, which is being developed at a total capacity of 2.1 GW, Gaon Cable will supply and install cables to transmit electricity generated at the complex to the external power grid.
After winning a contract to supply internal distribution cables for the same project, Gaon Cable has expanded its role to include the external transmission network under this new contract. It will now handle both the distribution network that collects power within the complex and the transmission network that carries it outside.
The company has built a track record of cable supply in the solar and offshore wind sectors. In 2023, it supplied cables for the onshore solar project on Bigeumdo Island and the interconnection network for Jeonnam Offshore Wind Farm Phase 1. In 2024, it supplied ACF cables for the internal distribution networks at Seokmun Lake and the Saemangeum Sunshine Sharing Project.
Gaon Cable plans to build on this contract win to expand its participation in power-grid projects for follow-up Saemangeum developments and renewable energy complexes in Korea and overseas.
A Gaon Cable representative said, “We continue to expand our business areas based on our track record of supplying equipment in renewable energy sectors such as solar and offshore wind,” adding, “We will actively pursue contract opportunities in the domestic and overseas renewable energy grid markets, including follow-up Saemangeum projects.”
Meanwhile, Gaon Cable posted record-high results for the third quarter of this year. In its recent preliminary earnings announcement, the company said third-quarter revenue rose 51.9% year over year to 986.5 billion won, while operating profit increased 99.1% to 52 billion won. These were the highest quarterly results on record.

[email protected] Park Ji-yeon Reporter