The facility, worth around USD 300 million, will be built at Baltimore in Maryland. It will manufacture underwater and underground cables for offshore wind and grid modernization applications.

Apr 23, 2024

Hellenic Cables Americas, the U.S. subsidiary of Belgian Cenergy Holdings, has got a boost from the U.S. Department of Energy (DOE) for its new cable manufacturing facility, to be built in Baltimore of Maryland.

The company said the facility will have an approximate value of USD 300 million, subject to a final investment decision (FID). It will be dedicated to manufacturing underwater and underground cables for offshore wind and grid modernization applications.

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In the context of this potential investment, the company applied to the DOE and received an allocation letter from the Internal Revenue Service, granting its request for a Qualifying Advanced Energy Project transferable tax credit of up to USD 58 million for the intended facility.

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As the first step towards the implementation of this project, Hellenic Cables Americas plans to acquire a 38-acre waterfront property at Wagners Point, Baltimore, upon the completion of an extensive due diligence process during the last several months. Subject to customary approvals, this transaction is expected to be completed within the next eight weeks, it added.