South Korea’s Taihan Cable & Solution Co. announced on Friday that it has signed a memorandum of understanding (MoU) with Balfour Beatty plc, a global infrastructure group based in the United Kingdom, to form a partnership for underground power transmission and distribution projects.

Balfour Beatty, with an annual revenue of 15 trillion won ($11.56 billion), is an EPC (engineering, procurement, and construction) contractor for a number of large-scale power grid projects ordered by U.K. power utility company National Grid plc, including the London Power Tunnels Phase 2 (LPT2) project.

The LPT2 project is a massive undertaking to build a power grid by constructing an underground tunnel spanning London’s city center, with Taihan supplying the entire 400-kilovolt power grid.

Under the MoU, Taihan and Balfour Beatty plan to enhance their cooperation by jointly participating in various power transmission and distribution projects in the United Kingdom, with a total value exceeding ?220 million, or around $276 million, until 2030. They also aim to collaborate further in technology sharing and business support.

Additionally, to meet the U.K. government’s goal to achieve net zero (carbon neutrality) by 2050, both companies plan to cooperate in the development of sustainable energy solutions, business models, and products.

The MoU signing ceremony was attended by Kim Seon-gyu, chairman of Hoban Group, to which Taihan belongs, during his business trip to the United Kingdom.

With the ink dried on the MoU, Taihan secured a power grid project worth approximately 36 billion won. The project, commissioned by National Grid, involves the replacement of overhead lines with underground lines in the North Wessex Downs Area of Outstanding Natural Beauty, with Balfour Beatty handling the entire EPC, while Taihan will be responsible for supplying the 400 kV power grid and performing electrical work.

“Since our entry into Europe in 2017, we have been expanding our presence as a major power grid supplier in the market each year,” a Taihan official said. “Through close collaboration with one of the most influential infrastructure groups in the United Kingdom, we aim to consistently strengthen our position in the power grid business.”

By Pulse

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