In particular, LS GreenLink has undertaken a large and complex project to build a submarine power cable manufacturing facility in Chesapeake, Virginia. By July 2024, with TIF in hand, they announced their winning project – a collaborative plan to remake an old brownfield site. This opportunity is poised to bring a billion dollars in regional economic impact. The first stage of development has a construction value in excess of $681 million. This facility is projected to generate over 330 new jobs.
And the facility will be massive, at a floorplate of 750,000 square feet. It will house an advanced manufacturing plant for submarine power cables, which are crucial for offshore wind energy projects. Notably, the site will feature a 660-foot vertical continuous vulcanisation (VCV) tower, which is crucial for the cable manufacturing process, as well as a dedicated pier to support its operations.
As of late fall 2022, the construction team is targeting completion on the first phase by the third quarter of 2027. They hope to have the facility completely up and running by the first quarter of 2028. LS GreenLink’s facility will be central to the emerging offshore wind supply chain in the US. This history should remind us of its importance in this changing field.
Beyond its job-creation potential, LS GreenLink’s project takes advantage of tax credits made possible by the Inflation Reduction Act. US Senator Tim Kaine was instrumental in ensuring these credits went through. Unfortunately, they were intended to help encourage clean energy projects.
“Thanks to the Inflation Reduction Act, LS GreenLink is utilizing tax credits for projects that expand clean energy. The manufacturing tax credits, which I spearheaded with my colleagues, are bringing high-paying jobs to our local economy and I look forward to seeing the completed facility.” – US Representative Bobby Scott
As a result, Hampton Roads is home to a burgeoning offshore wind industry. The new LS GreenLink subsea cable facility is an important cornerstone asset that buoys our nation’s renewable energy surge. Congressman Bobby Scott said the project deserves funding, calling it critical to mobility and economic expansion for the region.
“I am proud to welcome LS GreenLink to Virginia’s Third Congressional District. Hampton Roads is a leader in offshore wind production and this subsea cable facility is an important piece of the domestic offshore wind supply chain.” – US Representative Bobby Scott
Bon-Kyu Koo, the president and CEO of LS Cable & System, reiterated the importance of this investment. He argued that it strengthens Virginia’s competitive position in the global economy as well as addresses increasing demand for cutting-edge energy technologies.
“By investing in cutting-edge manufacturing facilities like the one in Chesapeake, Virginia, we not only strengthen our competitive position in the global market but also play a crucial role in providing innovative solutions to meet the world’s growing energy demands. The success of this project will enhance our global footprint and contribute significantly to the advancement of sustainable energy systems worldwide.” – Bon-Kyu Koo