Full turnkey contract covers design through installation

An aerial view of Daehan Electric Wire's cable factory in Dangjin. [Daehan Electric Wire]
An aerial view of Daehan Electric Wire's cable factory in Dangjin. [Daehan Electric Wire]

Daehan Electric Wire announced Monday it has won a contract to build an extra-high-voltage power grid for a solar energy project in Haenam, South Jeolla Province. The deal is valued at approximately 50 billion won ($33.3 million).

The project involves transmitting electricity generated at the Haenam solar power plant to the Haenam substation. It was launched to meet growing power demand in the region and support the expansion of renewable energy.

Daehan Electric Wire will build a 154-kilovolt extra-high-voltage grid under a full turnkey arrangement, handling all phases of the work — from design and production to installation.

The contract marks another win in the company's domestic renewable energy grid business. In April, it secured a 154-kilovolt extra-high-voltage submarine cable project to connect power generated at the Sinan Bigeum solar plant and the Dogo floating solar plant in South Jeolla Province to the Anjwa substation.

The South Korean government recently unveiled its first basic plan for renewable energy, calling for expanded solar and wind power capacity and related infrastructure. As grid interconnection projects linking power sources to transmission networks grow in importance, Daehan Electric Wire is strengthening its position in the domestic renewable energy grid market on the strength of its extra-high-voltage cable technology.

"It is meaningful that we can contribute to the energy transition and the expansion of power infrastructure by supplying stable grid solutions as domestic renewable energy generation grows," a company official said. "We will continue to build on our accumulated project experience and engineering capabilities to sharpen our competitiveness in power grid markets at home and abroad."

Meanwhile, Daehan Electric Wire posted consolidated sales of 1.0834 trillion won ($721 million) and operating profit of 60.4 billion won ($40.2 million) in the first quarter of this year — the strongest quarterly earnings since the company began reporting under K-IFRS accounting standards in 2010.


yeongdai@heraldcorp.com