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LS Electric to supply $90 mn power equipment to U.S. renewable energy site

Collected: 2024.01.25

Distributed: 2024.01.26

Source: Go Direct

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[Courtesy of LS Electric]

South Korea’s LS Electric Co. will supply about 120 billion won ($90 million) worth of power equipment to a new renewable energy site in the United States, marking a significant breakthrough in the burgeoning North American transformer market.

According to sources on Wednesday, LS Electric will deliver transformers worth 86.8 million to a renewable energy site in the United States. This follows a contract disclosed on January 9 for a power supply system for the U.S. market.

The transformers to be supplied by LS Electric will be used to convert electricity generated at the renewable energy site into high voltage. Higher voltage electricity is more efficient in transmitting power from the power plant to the end-user.

This marks LS Electric’s first delivery of transformers worth tens of billions of won to the U.S. market. Over 75 percent of transformers in the U.S. are more than 25 years old, indicating a significant demand for new equipment as the construction of renewable energy power plants is expected to increase.

LS Electric’s affiliate, LS Energy Solutions, will also supply about 30 billion won worth of energy storage systems (ESS) and power equipment for the same project. With the combined supply of transformers, ESS, and other equipment, LS Electric has secured a total order value of around 120 billion won for the U.S. renewable energy site.

“With this order, we plan to actively expand our presence in the high-voltage transformer market in the U.S.,” said a company official.

By Kim Hee-su and Minu Kim

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