LS Cable, Denmark's CIP sign LOI for floating offshore wind

South Korea's LS Cable & System Ltd. said on Wednesday that it signed a letter of intent (LOI) for offshore wind cooperation with Copenhagen Infrastructure Partners (CIP), a Danish green energy investment and development firm.

The Haewoori Offshore Wind 1, 2, and 3 projects are large-scale floating offshore wind projects with a total capacity of 1.5 gigawatts, which CIP aims to develop in waters approximately 80 km off the coast of Ulsan by 2030.

The latest cooperation agreement relates to the third phase, Haewoori Offshore Wind 3, which will be the first to move forward.

Floating offshore wind involves installing turbines on floating structures rather than anchoring them to the seabed, allowing for energy generation in deep waters. This approach is gaining attention as a solution to the lack of available space for wind farms along coastlines.

LS Cable has developed South Korea's first dynamic subsea cable for floating offshore wind, ensuring its durability and obtaining international certification.

Additionally, through collaboration with its subsidiary LS Marine Solution, the company is strengthening the offshore wind value chain, including acquiring new vessels, to enhance its market competitiveness.

Write to Hyung-Kyu Kim at khk@hankyung.com