GreenLink to Develop $681M Subsea Cable Facility Near Port of Virginia
LS GreenLink USA Inc. will develop a $681 million submarine power cable manufacturing facility in Chesapeake, Va. This marks the largest capital investment for the City of Chesapeake.
South Korean company LS Cable & System’s subsidiary plans to break ground on the 753,400-square-foot project next year, according to Korea IT Times, while completion is scheduled for 2027.
LS GreenLink will build the facility on a 98-acre brownfield site. Once operational, it will allow the company to meet global demand for submarine power cables, which are mainly used for offshore wind farms and renewable energy projects. This will be the largest such facility in the country.
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The manufacturing plant will rise at 1213 Victory Blvd., within the Hampton Roads Beltway, along the Elizabeth River and will feature a 656-foot power cable production tower. The site provides access to interstates 64, 264 and 464, as well as to the Norfolk Southern railway, and is 5 miles from the Port of Virginia.
Largest capital investment in the city
The project qualified to receive $99 million in Qualifying Advanced Energy Project Credits (48C) this March, which are awarded to certified advanced energy projects to boost the renewable energy sector.
LS GreenLink will also receive $48 million in subsidies and tax incentives from the Commonwealth of Virginia and the City of Chesapeake, facilitated through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority, Korea IT Times reports.
Additionally, LS GreenLink qualifies for state benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Upon completion, the development will create more than 330 full-time positions.
A growing niche sector
The submarine power cable manufacturing sector in the U.S. is experiencing significant growth, driven by increasing demand for renewable energy and the expansion of offshore wind farms. This sector’s expansion supports the nation’s transition to sustainable energy and bolsters energy infrastructure.
Cenergy Holdings is also planning to build a cable manufacturing facility in Baltimore, Md. The company acquired a 38-acre waterfront property and will start with the construction of a land cables plant to address the growing need for grid upgrades. The total investment will be around $200 million.
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