LS C&S Secures Almost $ 1 Billion Credit Limit From KDB To Extend Environmentally Friendly Submarine Cable
South Korea’s leading cable manufacturer LS Cable & System Ltd. has been promised funding of up to 1,000 billion won ($ 854.3 million) from the Korea Development Bank (KDB) for its environmentally friendly submarine cable projects.
LS C&S and KDB on Thursday signed a collaboration agreement to develop the submarine cable activities.
Under the deal, the state lender will provide up to 1,000 billion won to LS C&S over the next five years to fund the company’s renewable energy projects such as submarine cable production. , expansion of facilities and research and development.
LS C&S is the only cable manufacturer in the country with a submarine cable manufacturing plant in eastern Gangwon province. It also owns the largest 8,000 tonne cable ship in the country and its main submarine cables are essential for the construction of offshore wind farms.
The company is currently building a 172-meter (564-foot) tall vertical continuous vulcanization (VCV) tower at its Donghae site in Gangwon province which would be the tallest VCV tower in the country and aims to increase its production capacity. of submarine cables more than 50 percent.
“Our partnership with KDB would be an important first step towards expanding cooperation between the industrial and financial sectors on carbon neutral and renewable energy policies,” said LS C&S CEO Koo Ja-yeop.
KDB Chairman Lee Dong-gull pledged that the strategic bank will support the industrial sector in building a carbon neutral ecosystem with the aim of accelerating the country’s energy transition away from fossil fuels.
By Moon Gwang-min and Lee Soo-min
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