South Korean cable maker gains access to £21.3B in projects through deal with UK’s National Grid

South Korean Taihan Cable & Solution has signed a framework agreement with UK power transmission and distribution company National Grid UK for high-voltage direct current (HVDC) cable systems, securing participation opportunities in projects valued at approximately £21.3 billion over up to eight years.

National Grid pursued framework agreements in HVDC cable systems and converter stations to ensure a stable supply chain amid anticipated shortages in the HVDC market. The total value of the projects covered by the agreements is estimated at £59 billion (KRW 110 trillion), with over 15 submarine and underground HVDC projects planned over the next eight years.

Through the framework agreement signed on March 14, Taihan has secured access to business opportunities valued at approximately £21.3 billion (KRW 40 trillion) in the HVDC cable sector, being eligible to bid for 525 kV and 320 kV HVDC cable system projects led by National Grid from 2025 for up to eight years.

According to the company, the agreements were concluded with six top-tier global companies from Europe, Japan, and beyond.

Taihan further noted that the agreement represents a major milestone in its expansion into the European market.

“This is a highly significant contract that validates our technological competitiveness in HVDC cable systems – an essential technology for the future power industry – in the advanced European market,” said Taihan’s Vice Chairman Song Jong-min.

“We will continue to enhance the quality and reliability of our HVDC cable systems and strengthen our technological capabilities to expand business opportunities not only in Europe but also in the global market.”

In September last year, Taihan secured its first 320 kV voltage-source HVDC cable project in the U.S. The company is also making steady progress in constructing its second submarine cable plant to support HVDC submarine cable production. In November 2024, Taihan finalized the plant site in Dangjin, South Korea.

The plant is set to begin operations in 2027, with R&D efforts focused on ensuring immediate HVDC submarine cable production upon commissioning.

Taihan announced in December 2023 that it had acquired what is said to be Korea’s only cable-laying vessel (CLV) for the offshore wind market. The CLV, bought for approximately $38.4 million, is equipped with self-propulsion and a DP2 system and can load up to 4,400 tons of underwater cables at once.

The commissioning ceremony was held in July.