LS Cable & System President and CEO Koo Bon-kyu (left) and Jonathan Spink, CEO of Haewoori Offshore Wind, pose for a photo during a new project signing ceremony in Seoul on Wednesday. (LS Cable & System)

LS Cable & System, a leading Korean cable manufacturer, is bolstering ties with global infrastructure investors to supply its submarine cables for floating offshore wind power projects in Ulsan.

According to the company on Thursday, LS signed a letter of intent with Copenhagen Infrastructure Partners, a global investment firm specializing in the renewable energy sector. CIP’s project company, Haewoori Offshore Wind, plans to develop a large-scale floating wind park with a capacity of 1.5 gigawatts some 80 kilometers off the coast of Ulsan by 2030.

Under the agreement, LS Cable & System will supply submarine cables for the first project, Haewoori Offshore Wind Power 3. The company developed the nation's first dynamic undersea cable for floating offshore wind power and has added new vessels in collaboration with its subsidiary, LS Marine Solution.

“By leveraging our expertise, we aim to enhance the competitiveness and global presence of South Korea’s floating offshore wind power industry,” said Koo Bon-kyu, president and CEO of LS Cable & System.

Haewoori Offshore Wind CEO Jonathan Spink added, “We will continue strengthening our partnership with Korean companies to improve the supply chain.”

Earlier this year, the Korean government announced a plan to open bidding for 2.5 to 3 gigawatts allocated to floating offshore wind power by 2026.

By Park Min-ha (en23mp@heraldcorp.com)