Seoul: LS Cable and System Ltd., South Korea's leading wire and cable maker, announced it has secured a lucrative 160 billion-won (US$115 million) submarine cable contract from Taiwan. The deal involves supplying submarine cables for the Formosa 4 offshore wind project led by Synera Renewable Energy (SRE) by 2028, as stated in a company press release.

According to Yonhap News Agency, LS Cable has been successful in winning contracts worth more than 1 trillion won in Taiwan since 2019. This success aligns with Taiwan's efforts to advance its offshore wind power capabilities. The island nation has set ambitious targets to generate 5.7 gigawatts of electricity from wind power by 2025, with plans to expand this capacity to 20 gigawatts by 2035 through ongoing investments in offshore wind farms.

Based on Taiwan's renewable energy plans, the submarine cable and related industry market in the region is expected to reach 5 trillion won by 2035, as projected by the company.