Government Accelerates Offshore Wind Power Development... Spotlight on LS Cable & System and LS Marine Solution

Government to Streamline Licensing and Enact Special Law
LS Cable & System and LS Marine Solution Anticipate Large-Scale Offshore Wind Orders

As the government has announced its plan to foster offshore wind power as a new growth engine, related industries are once again drawing attention.

In the fields of subsea cable manufacturing and installation, which are essential for the development of offshore wind farms, LS Cable & System and LS Marine Solution are considered leading companies.

At a wind power industry meeting held at the Han River Flood Control Office in Seocho-gu, Seoul on the 22nd, Minister of Climate, Energy and Environment Kim Seonghwan stated, "We will transition from a fossil fuel-centered carbon civilization to a green civilization based on renewable energy," adding, "We will make offshore wind power a growth engine, and for onshore wind power, we will promptly launch a government-wide task force to resolve licensing issues through a one-stop process."

Taking this meeting as an opportunity, the government plans to gradually implement measures such as establishing a dedicated onshore wind power task force, supporting offshore wind power licensing, and enacting subordinate regulations under the 'Offshore Wind Power Special Act.'

LS Marine Solution subsea cable laying vessel. LS Marine Solution

In particular, with the fixed-price competitive bidding system for offshore wind power scheduled to be implemented in the second half of this year, new opportunities are expected to open up for domestic companies to strengthen their supply chains.

Overseas investment activity is also brisk. On the 23rd, during the 'Renewable Energy Day' event, the Ministry of Climate, Energy and Environment and the Ministry of Science and ICT announced that they had received a letter of intent (LOI) for an investment worth 20 trillion won from VENA Group, under BlackRock.

The investment targets include projects with a total capacity of 884 MW, such as the 500 MW Taean offshore wind project and the 384 MW Yokji offshore wind project.

With the government's policy direction and the movement of global capital investment aligning, the domestic offshore wind power industry is expected to enter a full-fledged growth phase.

LS Cable & System has supplied subsea cables to major offshore wind farms in Europe, the United States, and Taiwan, thereby securing global market experience and technological reliability.

LS Marine Solution is recognized as the only domestic company specializing in subsea cable installation, having successfully completed installation work for both the Taiwan Power Company (TPC) Offshore Wind Farm Phase 2 and the Jeonnam Offshore Wind Farm Phase 1.

The company has been designated as the preferred bidder for subsea cable installation in the Taean (500 MW), Haesong 1 and 3 (a total of 1 GW), and Shinan Ui (390 MW) offshore wind projects. In the Haewooli 3 (510 MW) project, LS Cable & System has signed an LOI with developer CIP, making it highly likely that the company will also take on the installation work.

If all these projects are ultimately awarded, LS Marine Solution is expected to secure new orders exceeding 2 GW.

An industry official stated, "The government's policy to foster offshore wind power will enhance the competitiveness of the entire supply chain, not only in power generation but also in equipment and construction. With both technological and construction capabilities, LS Cable & System and LS Marine Solution will be at the center of offshore wind power growth for the next decade or more."

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