LS Materials and LS Marine Solutions Sign MOU with Jeollanam-do and Haenam County to Build Offshore Wind Power Installation Port

LS Materials Expands Business Portfolio
LS Marine Solutions Secures Offshore Wind Power Base
Strengthening West Coast HVDC Project Competitiveness

On the 20th, LS Materials and LS Marine Solutions signed a memorandum of understanding (MOU) with Jeollanam-do and Haenam County at the Jeollanam-do Provincial Office to promote the 'Offshore Wind Power Installation Port Project.'

At the MOU signing ceremony held at Jeollanam-do Provincial Office on the 20th, Kang Wiwon, Vice Governor for Economic Affairs of Jeollanam-do, Myeong Hyungwan, Mayor of Haenam County, Kim Youngrok, Governor of Jeollanam-do, Koo Bonggyu, CEO of LS Cable & System, Hong Youngho, CEO of LS Materials, and Kim Byungok, CEO of LS Marine Solutions (from left), are posing for a commemorative photo. LS Cable & System

The installation port is a complex infrastructure equipped with functions for assembling and loading large equipment for offshore wind farms, vessel berthing, and UC-based module manufacturing.

The two companies plan to build the installation port in Haenam County. Through this, they aim to strengthen the offshore wind power value chain and utilize the region as a key forward base for domestic offshore wind power projects, which are expected to reach approximately 13GW by 2030.

LS Materials will lead port operations by acquiring land to expand its business portfolio, and will also broaden its existing export-focused ultracapacitor module manufacturing business for the wind power market into the domestic market. LS Marine Solutions will use the port as a base for berthing and operating large high-voltage direct current (HVDC) cable-laying vessels, and will link the port to the new offshore wind support vessel (SOV) projects currently underway to enhance operational and maintenance capabilities for offshore wind farms.

As a result, LS Cable & System and its affiliates will strengthen the offshore wind power value chain by connecting subsea cable supply and installation, SOVs, wind power modules, and port operations. Through this project, they aim to enhance the competitiveness of core infrastructure in the offshore wind power industry and improve their ability to win contracts for the West Coast HVDC highway project.

Hong Youngho, CEO of LS Materials, said, "The Haenam installation port will serve as an open infrastructure that global companies can utilize together, and it will become a stepping stone for the West Coast to emerge as a forward base for the offshore wind power industry."

According to the industry, the global cumulative installed capacity for offshore wind power is expected to expand from 64GW in 2023 to over 500GW by 2050. Accordingly, the installation port market is also projected to grow from about 2.4 billion dollars in 2024 to 6.1 billion dollars by 2033.

This content was produced with the assistance of AI translation services.