Prysmian Group Invests EUR 120 Million at Finland Strategic Plant for Increased Production of 525 kV HVDC Submarine Cable Systems

Prysmian Group recently invested nearly EUR 120 million towards its Finland-based strategic plant. The investment, aimed at increasing production capacity of 525 kV HVDC cable systems, will double Pikkala plant’s production capacity of 525 kV extruded submarine cables and 400 kV AC cables by 2026. This is the group’s second investment following EUR 100 million invested in 2022. 

Jun 1, 2023

Prysmian Group has announced a new investment of around EUR 120 million in its strategic plant in Pikkala, Finland. This new investment, following the EUR 100 million already provided in 2022, is aimed at further increasing the production capacity of the 525 kV HVDC submarine cable systems, supporting the growing market demand driven by the need to develop and upgrade power transmission grids for the energy transition. The global power transmission cable market is expected to grow to EUR 15 billion by 2030 from around EUR 8 billion reported in 2022.

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The new Vertical Continuous Vulcanization (VCV) lines will more than double the Pikkala plant’s existing production capacity of 525 kV extruded submarine cables and 400 kV AC cables by 2026. The breakthrough 525 kV submarine cable technology is the group’s latest innovation and is specifically designed to support the energy transition thanks to its key features that enable a massive increase in transmission capacity to 2 GW, which is more than double the value achieved with the 320 kV DC systems currently in service.

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“The investment is part of the around EUR 500 million capex per year that the group is implementing to support the energy transition, electrification and digitalisation processes, which require the upgrade of power grids and telecom networks. It is also worth highlighting that this massive investment plan is made possible thanks to the Group financial solidity and its proven cash generation capability,” commented Massimo Battaini, Chief Operating Officer at Prysmian Group.