Gaon Cable has secured a contract for the extra-high-voltage cable project under the Saemangeum floating solar initiative, accelerating its push into the renewable energy power grid market.
On the 6th, Gaon Cable announced that it signed a supply and construction contract with BS Hanyang for 154kV (kilovolt) extra-high-voltage cables under the “Saemangeum Sunshine Sharing Project.” The project involves building a 73.2MW (megawatt)-class floating solar power facility in the Okgu-eup area of Gunsan City, North Jeolla Province. Gaon Cable is responsible for supplying and installing the cables that connect the generated electricity to the external power grid.
Based on winning this contract for the Saemangeum floating solar project, which is being developed at a total scale of 2.1GW (gigawatts), Gaon Cable plans to increase its participation in follow-up projects as well as power grid projects for solar and offshore wind farms both domestically and abroad.
A company official said, “We are continuously expanding our business scope based on the supply track record we have accumulated in renewable energy fields such as solar and offshore wind,” adding, “We will actively secure contract opportunities in the domestic and international renewable energy power grid market, including follow-up Saemangeum projects.”
Meanwhile, Gaon Cable achieved its highest-ever quarterly performance, recording 986.5 billion won in revenue and 52 billion won in operating profit for the third quarter of this year on a consolidated basis, driven by expanded investment in U.S. AI (artificial intelligence) data centers and power grids.
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