LS Cable & System and LS Marine Solution signed a Capacity Reservation Agreement (CRA) with Taean Wind Power for the supply and installation of underwater cables for the 504 MW offshore wind farm in South Korea.
Details of the Capacity Supply Contract
This contract allows LS Cable & System and LS Marine Solution to reserve production capacity at their facilities and allocate installation times for LS Marine Solution's Cable Laying Vessels (CLVs) before finalizing the main contract. The companies aim to finalize the contract, including value and other terms, by the end of 2026.
The two companies were selected as the preferred bidders for the cable package in 2024 and are now conducting engineering work and preliminary studies to determine cable specifications and installation scope.
Planning for Construction and Power Purchase Agreements
In 2025, the project developer also signed Power Purchase Agreements (PPAs) worth 500 MW with Korea Western Power and Gangneung Eco Power. According to the latest project updates, construction of the wind farm is set to begin in the fourth quarter of 2026, with the goal of commercial operations aimed for the fourth quarter of 2029.
LS Marine Solution plans to deploy its cable-laying vessel GL2030, which has been upgraded to a capacity of 7,000 tons for this project. The Taean package is the second largest offshore wind farm project in which LS Cable & System and LS Marine Solution are jointly participating, having previously been involved in the Shinan Ui wind farm.
