LS Electric Formed Joint Venture in Taiwan
The new venture, named Namanakseong, will support Taiwan's goal of reaching 70 percent renewable energy by 2050.
Updated on Oct. 7, 2026 in Energy
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LS Electric has finalized an agreement with Nanya Plastics and KHI to create a joint venture named Namanakseong. The new entity will manage power project orders, engineering, and technical support in Taiwan.
Why it matters
The partnership combines the power equipment expertise of LS Electric with the local manufacturing base of Nanya Plastics to address Taiwan's evolving energy needs. This collaboration is designed to help the region meet its ambitious target of sourcing 70 percent of power from renewables by 2050.
The venture allocates ownership with 50 percent held by LS Electric, 40 percent by Nanya Plastics, and 10 percent by KHI. These entities aim to support Taiwan's long-term objective of achieving a 70 percent renewable energy share by 2050.
The players
LS Electric
This is a South Korean electrical equipment manufacturer specializing in power grid solutions.
Nanya Plastics
This is a major affiliate of the Formosa Plastics Group that maintains an extensive local manufacturing base in Taiwan.
KHI
This is an affiliate of the Formosa Plastics Group involved in engineering and construction projects.
The details
Namanakseong will integrate LS Electric's specialized power equipment manufacturing with the extensive EPC network and local presence of Nanya Plastics and KHI. The venture is positioned to lead engineering and technical support services for major power infrastructure projects across Taiwan.
Timeline
March 2025: LS Electric and Nanya Plastics signed a memorandum of understanding.
2025: KHI was established by the Formosa Plastics Group.
October 6, 2026: The joint venture agreement was officially signed in Seoul.
2050: Taiwan aims to reach a 70 percent renewable energy share.
Deeper Dive
The partnership follows a pattern set by Taiwan's 2050 Net Zero Emissions Pathway. The formation of Namanakseong serves as a tactical response to the infrastructure demands defined by the government's decarbonization policy.
The creation of this venture could accelerate the deployment of high-voltage equipment and grid infrastructure across Taiwan. This increase in local technical support may lead to faster completion times for utility-scale renewable energy installations.
The takeaway
The formation of Namanakseong highlights how global firms are aligning with regional policy mandates to capture the growing demand for clean energy infrastructure. This joint venture provides a blueprint for leveraging local manufacturing networks to navigate complex international energy transition markets.
Further reading
For more background on international power infrastructure, see Energy.
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