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Taihan clinches an KRW 840 Billion deal in Singapore! “Breaking new ground in EHV export records”
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Taihan clinches an KRW 840 Billion deal in Singapore! “Breaking new ground in extra-high voltage export records”
- An all-time high in contract volume, representing 30% of the company’s total revenue from the previous year.
- Concurrently awarded two full-turnkey projects operating at the highest local voltage of 400kV.
- Vice Chairman Song Jong-min stated, “We will continue to promote the excellence and competitiveness of Korean cable technology.”
In a move that reinforces its competitive standing in the international market, Taihan Cable & Solution has shattered the record for extra-high voltage (EHV) power grid contracts.
Taihan (CEO Song Jong-Min) revealed through a public announcement on the 4th that it had finalized two contracts with SP PowerAssets Limited for the supply and installation of a 400kV EHV power grid, with a total value of KRW 840 billion. This figure accounts for around 30% of the company’s consolidated sales for 2023, which amounted to KRW 2.844 trillion.
The NDC373 project, one of the two contracts, amounts to approximately KRW 500 billion, making it the largest export of extra-high voltage AC transmission networks in the nation's history. This marks the most sizable project that Taihan has ever acquired, whether within the country or overseas.
This endeavor is a key project that SP PowerAssets has meticulously prepared over a long period to effectively address the burgeoning electricity demand stemming from the surging demand of AI and data centers.
This grand-scale project entails the construction of a 400kV extra-high voltage underground power grid, the highest voltage in use locally, throughout Singapore, with Taihan undertaking the entire process, from design to production, laying, connection, and testing, in a full turn-key manner.
Due to the critical importance of stability in a 400kV full turn-key project, rigorous evaluation encompassing quality, technical prowess, engineering proficiency, and project management capabilities is carried out when selecting the contractor. In particular, the high construction difficulty of this project, which includes tunnel sections, required comprehensive and thorough evaluation, and Taihan was selected as a qualified contractor amidst competition with renowned global firms.
Song Jong-Min, Vice Chairman, remarked, “Winning this landmark project in Singapore, a market known for its stringent technical and quality verification requirements, serves as a testament to Taihan’s all-encompassing competitiv advantage in technology, quality, and service,” and further affirmed, “We will continue to play a pivotal role in enhancing the national competitiveness by widely promoting the excellence of Korean cable technology and products in key markets across the United States, Europe, and Asia.”
Taihan, having successfully completed the 400kV projects conducted in Singapore in both 2016 and 2022, has now achieved a remarkable feat with the signing of this contract, making it the only company in Korea to have participated in every 400kV full-turnkey project carried out in Singapore.