GIG to build £923 M cable factory
Image for illustration purposes.
UK, London: On 24 May, LS Eco Advanced Cables signed an agreement with Port of Tyne. In the agreement, the parties have agreed a limited but extendable period of exclusivity during which the Port of Tyne has agreed to refrain from entering 3rd party transactions to allow the parties time to negotiate agreements for the grant of a long lease relating to the Tyne Renewables Quay site, for the development of a HVDC cable factory (subject to planning permission) worth £923 million ($1.18 billion).
LS Eco Advanced Cables is the joint venture between Global InterConnection Group and one of the subsidiaries of LS Group, a Korean cable manufacturer, formed to advance development of the factory. The factory will deliver a substantial positive impact both environmentally and socially. LS Eco Advanced Cables aims to secure planning permission by the end of this year, with fully CIGRE-certified production expected in 2027. By providing the high voltage cables to deliver dependable zero carbon energy, LS Eco Advanced Cables can help address the electricity supply volatility from growing dependence on wind and solar, reduce the UK’s dependence on fossil fuels for peaking power, enhance energy security and reduce energy prices. Compared to AC power cables, HVDC cables can reduce transmission losses by 15% even over relatively short 150 km cable lengths.
Source: Global InterConnection Group
#Global InterConnection Group#HVDC cables#LS Eco Advanced Cables#LS Group#Port of Tyne#UK