Photograph) From left: Jeollanam-do Deputy Governor for Economic Affairs Kang Wee-won, Haenam County Mayor Myeong Hyun-kwan, Jeollanam-do Governor Kim Young-rok, CEO of LS Cable & System Koo Bon-kyu, CEO of LS Materials Hong Young-ho, and CEO of LS Marine Solution Kim Byung-ok pose for a photo at the MOU signing ceremony held at the Jeollanam-do Provincial Office on the 20th.


■ LS Materials to operate installation port and enter wind module business
■ LS Marine Solution secures base for large HVDC cable-laying vessels and SOVs
■ Securing key offshore wind hub and strengthening competitiveness for West Coast HVDC projects


LS Materials (CEO Hong Young-ho) and LS Marine Solution (CEO Kim Byung-ok) announced that they signed a memorandum of understanding (MOU) with Jeollanam-do Province and Haenam County on the 20th at the Jeollanam-do Provincial Office with the aim of pursuing the Offshore Wind Installation Port Project.

An installation port is complex infrastructure equipped for the assembly and storage of large components required for offshore wind farm development, ship berthing, and the manufacture of UC-based modules. This installation port is scheduled to be constructed in Haenam County.

The two companies, in cooperation with Jeollanam-do Province, plan to strengthen the offshore wind value chain through this port and strategically utilize it as a core forward base for domestic offshore wind projects, which are expected to reach a scale of approximately 13 GW by 2030.

LS Materials will acquire the site to lead port operations as part of its business portfolio expansion, and will also extend its existing export-focused business of manufacturing ultra-capacitor (UC) modules for the wind market to the domestic market.

LS Marine Solution plans to utilize the port as a berthing and operating base for its large HVDC cable-laying vessels, and will link it with its new SOV (service operation vessel) business to strengthen its operation and maintenance (O&M) capabilities for offshore wind farms.

As a result, LS Cable & System and its affiliates have strengthened their offshore wind value chain by linking subsea cable supply and installation, SOVs, wind modules, and port operations. Through this project, the companies aim to enhance their core infrastructure competitiveness in the offshore wind industry and strengthen their bid competitiveness for the West Coast HVDC Corridor project.

Hong Young-ho, CEO of LS Materials, said, “The Haenam Installation Port will be open infrastructure that global companies can utilize together, and it will serve as a stepping stone for the West Coast to become a forward base for the offshore wind industry.”

According to industry sources, the global cumulative installed capacity for offshore wind is projected to expand from 64 GW in 2023 to over 500 GW by 2050. Accordingly, the installation port market is also forecast to grow from approximately $2.4 billion in 2024 to $6.1 billion by 2033.