PR
Taihan Secures Korea Eximbank Financing for New Cable Laying Vessel, Strengthening Supply Chain Stability
- KRW 100 billion in policy financing secured for the acquisition of the advanced CLV 'Skandi Connector'
- Support expands from manufacturing facilities to installation infrastructure, reinforcing integrated production and turnkey execution capabilities
- Investment strengthens submarine cable and HVDC competitiveness, contributing to national power grid development and energy security
Taihan has secured policy financing to support a key infrastructure investment aimed at strengthening its submarine cable installation capabilities. The company announced on July 2 that it has secured KRW 100 billion in financing from the Export-Import Bank of Korea (Korea Eximbank) to acquire its dedicated cable laying vessel (CLV), 'Skandi Connector.'
The financing is significant as it demonstrates government-backed financial support for taihan's continued investment in expanding its submarine cable installation infrastructure. A cable laying vessel is a critical asset responsible for the transportation and installation of submarine cables and other offshore construction activities. With the support from Korea Eximbank, taihan has secured stable funding for the acquisition, enabling the company to accelerate the enhancement of its offshore installation capabilities.
This financing follows Korea Eximbank's KRW 450 billion policy financing provided in March this year for the construction of taihan's Second Submarine Cable Plant in Dangjin. The decision reflects a comprehensive assessment of the company's sustained investment in the submarine cable business, proven project execution capabilities, and long-term growth potential. With policy financing now extending beyond manufacturing facilities to installation infrastructure, the initiative is expected to further strengthen taihan's integrated project execution capabilities while also reinforcing Korea's submarine cable manufacturing and installation base and enhancing supply chain resilience.
A Korea Eximbank official stated, "The submarine cable industry is a strategic national industry that supports the energy transition and power grid expansion. Securing installation capabilities is just as important as expanding manufacturing capacity. We expect taihan's continued investment to strengthen the competitiveness of Korea's submarine cable industry and contribute to the development of stable power infrastructure."
As global demand for submarine cables continues to grow amid the expansion of renewable energy and the modernization of power grids, the industry is experiencing a shortage of available cable laying vessels. In response to these market conditions, taihan secured the 11,000-ton-class CLV 'Skandi Connector' in June.
The 'Skandi Connector' is one of the most advanced cable laying vessels operating in Korea. It is equipped with self-propulsion capability, a DP2 (Dynamic Positioning 2) system, a high-capacity dual carousel, and tensioners, enabling the installation of inter-array and export cables for offshore wind projects, as well as long-distance grid connection projects and HVDC submarine cable systems. The vessel also features beaching capability, allowing it to safely land on the seabed and perform installation work in shallow coastal waters with strong tidal currents, including Korea's west coast.
With the addition of the 'Skandi Connector,' taihan has established a dedicated CLV fleet alongside its existing cable laying vessel, 'PALOS.' The expanded fleet will strengthen the company's ability to execute both domestic and international offshore wind and national power grid projects while reducing reliance on third-party vessels, resulting in more stable and efficient project execution.
A taihan official commented, "The policy financing from Korea Eximbank recognizes our sustained investment in expanding both submarine cable manufacturing and installation infrastructure, as well as our project execution capabilities. We will continue to advance our integrated submarine cable production and installation capabilities, expand opportunities in domestic and international power grid projects, and contribute to strengthening Korea's submarine cable supply chain and power infrastructure."
Meanwhile, taihan continues to expand its investment in the submarine cable business. The company currently manufactures submarine cables for offshore wind projects at its First Submarine Cable Plant in Dangjin, completed in 2025, and is constructing its Second Submarine Cable Plant, which will be capable of producing 640 kV HVDC submarine cables. Once completed, the second plant will increase taihan's submarine cable production capacity by approximately five times compared to current levels.
