12/6/21 – LS Cable & System (LS C&S) announced that it has entered into an MOU for cooperation in the domestic offshore wind power business with Northland Power, a Canadian new and renewable energy developer.
A press release said that in the MOU, the two companies agree to their roles for offshore wind power generation business, agreeing to cooperate in related EPC (design, procurement and construction). Canadian-based Northland Power builds and operates new and renewable energy infrastructure such as wind power and photovoltaics. Founded in 1987, it is seeking to advance into Asian countries such as Taiwan and Japan. LS C&S was a priority supplier of submarine cables for Northland Power’s 1GW Hai Long Wind Farm Project in Taiwan.
As Northland Power is expanding its business in Korea, e.g., the 1.3 GW Dado Ocean Wind Power Project in Jeollanam-do, LS C&S expects to see its sales grow. “With this MOU, we will comply with the government’s new and renewable energy policy and contribute to job creation,” LS C&S President & CEO Roe-Hyun Myung said.
LS C&S also announced that the company signed an agreement on an “industry-finance cooperation program for the promotion of the submarine cable industry” with Korea Development Bank (KDB). LS C&S will receive funds from KDB totaling KRW 1 trillion over the next five years. The money will be used for its environmentally friendly business, such as submarine cables.
“LS Cable & System is investing huge amounts of money in the submarine cable industry in line with the government’s carbon neutral policy,” said the company.