South Korea’s top wire and cable maker LS Cable & System said Tuesday it has completed Asia’s largest high-voltage direct current (HVDC) underwater cable plant in Donghae, Gangwon Province.

The plant, named Submarine Building 4, is a 172-meter-tall vertical continuous vulcanization (VCV) tower with a total floor area spanning 34,816 square meters. Some 190 billion won ($141 million) has been injected into the construction that started in July 2021.

The company said this facility focuses on producing advanced HVDC submarine cables that minimize energy losses over long distances, positioning the company to capitalize on the growing renewable energy market and cater to the rising demand for submarine cables driven by offshore wind farm companies.

As countries around the world pursue carbon neutrality policies, demand is growing for offshore wind power generation and high-quality subsea cables for transmitting electricity from turbines to mainland grids.

Since building the nation’s first submarine cable plant in 2008, LS Cable & System has invested 700 billion in its submarine business. The company also recently purchased stakes in KT Submarine, a submarine cable maker, for a combined 70 billion won, becoming the largest shareholder with a 43.8 percent share.

“The completion of this HVDC plant will serve as an accelerator for growth in the era of energy transition and the rise of the power industry," said LS Cable CEO Koo Bon-gyu.

As of last year, the company’s secured orders amounted to 2.8 trillion won. This year, the figure is expected to exceed 3 trillion won, according to analysts.

In December last year, the company signed a 400 billion won deal to supply HVDC cables to the Vanguard Wind Power Complex in the UK, Korea’s largest cable deal signed to date in Europe.