Taihan Cable & Solution secured state-run financial support for core infrastructure investment to strengthen its offshore cable construction capabilities.
Taihan Cable & Solution said on the 2nd it will raise 100 billion won from The Export-Import Bank of Korea to acquire the offshore cable-laying vessel "Skandi Connector." In May, Taihan Cable & Solution signed a sale and purchase agreement to acquire the 10,000-ton Skandi Connector for 115.4 billion won from DOF Denmark A/S, a subsidiary of Norway's DOF Group.
A cable-laying vessel is a key infrastructure that handles transportation and laying of offshore cables and the full scope of marine construction. With support from The Export-Import Bank of Korea, Taihan Cable & Solution has secured stable funding to obtain the vessel and can accelerate efforts to strengthen its offshore cable construction capabilities.
The Skandi Connector is a cable-laying vessel equipped with self-propulsion, a dynamic positioning system (DP2), large-capacity dual carousels, and a tensioner. It can construct not only internal and external grids for offshore wind, but also long-distance grid interconnections and high-voltage direct current (HVDC) subsea cables. By securing the Skandi Connector, Taihan Cable & Solution now has two cable-laying vessels, along with the existing CLV "PALOS."
This is the second time The Export-Import Bank of Korea has provided funding to Taihan Cable & Solution. In Mar., the bank provided 450 billion won to build Taihan Cable & Solution's second offshore cable plant in Dangjin.
An official at The Export-Import Bank of Korea said, "The offshore cable industry is a national key industry for the energy transition and power grid expansion, and securing construction capabilities as well as production facilities is very important," adding, "We expect Taihan Cable & Solution's continued investment to strengthen the competitiveness of the domestic offshore cable industry and help build a stable power infrastructure."
An official at Taihan Cable & Solution said, "Policy financing support from The Export-Import Bank of Korea is the result of recognizing our continued efforts to expand offshore cable production and construction infrastructure and our project execution capabilities," adding, "We will continue to advance our offshore cable production and construction capabilities to expand power grid project opportunities at home and abroad, and contribute to stabilizing Korea's offshore industry supply chain and building power infrastructure."