Venture plans world’s largest cable factory at Port of Tyne

UK-Korean joint venture LS Eco Advanced Cables is in talks to build the world’s largest high-voltage cable factory at the Port of Tyne. 

LS Eco said it had signed an agreement with Port of Tyne establishing a limited but extendable period of exclusivity during which the Port of Tyne will not enter third-party transactions in order to allow the parties time to negotiate agreements for the grant of a long lease at the Tyne Renewables Quay site, for the development of the HVDC cable factory.

High voltage direct current cables reduce electricity transmission losses by at least 15% over relatively short distances, compared with alternating current power cables. LS Eco said that would help reduce the UK’s dependence on fossil fuels for peaking power and cut energy prices for UK consumers and businesses.

LS Eco is a joint venture between the UK’s Global InterConnection Group and one of the subsidiaries of LS Group, the leading Korean cable manufacturer, formed for the purpose of developing the factory.

The company said it intends to secure planning permission by the end of this year, with fully certified production expected in 2027, if successful.