Photograph) Koo Bon-kyu, CEO of LS Cable & System (left), and Jonathan Spink, CEO of Haewoori Offshore Wind Co., Ltd., pose for a commemorative photo at the signing ceremony for the ‘Letter of Intent for Cooperation on the Haewoori 3 Offshore Wind Power Project’ held at Haewoori Offshore Wind's office in Jongno-gu, Seoul, on the 20th.


■ To develop Korea's first dynamic cable and expand global cooperation
■ Haewoori Offshore Wind to commercialize Korea's first dynamic cable
■ To lead market by strengthening value chain with LS Marine Solutions


LS Cable & System is strengthening cooperation with global investment and development companies to supply submarine cables for the floating offshore wind farm being built off the coast of Ulsan.

LS Cable & System announced on the 20th that it has signed a letter of intent (LOI) for cooperation on the Haewoori 3 Offshore Wind Power Project with CIP, a Danish green energy investment and development company.

Haewoori Offshore Wind Power 1, 2, and 3 are large-scale floating offshore wind power projects with a total capacity of 1.5 GW. CIP aims to build the wind farms by 2030 on the sea approximately 80 km off the coast of Ulsan. This letter of intent to cooperate was signed in relation to Haewoori Offshore Wind Power 3, the first of three projects to be promoted.

Floating offshore wind power uses turbines installed on floating objects rather than fixing them to the seabed, and thus has the advantage of being able to generate power even in deep seas. This method is attracting attention as a solution to the problem of a lack of space for facilities in coastal areas.

LS Cable & System developed Korea's first dynamic submarine cable for floating offshore wind power, and obtained international certification for its durability even in harsh marine environments. The company is enhancing its market competitiveness by strengthening its offshore wind power value chain, such as by acquiring new vessels, in cooperation with its subsidiary LS Marine Solutions.

Koo Bon-kyu, CEO of LS Cable & System, said, “LS Cable & System’s technological prowess will strengthen the competitiveness of Korea’s floating offshore wind power industry, and also contribute greatly to the company taking the lead in the global market.”

“It is of special significance to us that we are working with LS Cable & System, which has been recognized for its excellent experience and expertise in the global submarine cable industry, not only overseas but also in Korea,” said Jonathan Spink, CEO of Haewoori Offshore Wind Co., Ltd. “We will strengthen our partnerships with Korean offshore wind power suppliers to enhance industrial competitiveness and cooperative value.”

The Korean government announced plans to hold bids for floating offshore wind power projects totaling 2.5 to 3 GW by 2026, and allocated a purchase volume of around 500 MW for the first time through a wind power fixed-price bid notice in October. In line with this, LS Cable & System signed an MOU with Norwegian company Equinor earlier this month for cooperation on the Firefly/Bandibuli Floating Wind Farm Project and is continuing to strengthen cooperation with global developers.

Haewoori Offshore Wind Co., Ltd., was established by CIP, a global energy investment and development company, for the Ulsan offshore wind power project. It has obtained all power generation business permits for three floating offshore wind farms, with a total capacity of 1.5 GW, and is currently carrying out the project.