Prysmian is intending to put forth significant investments targeted at augmenting the production capacity of power transmission submarine cables as well as enhancing the technological equipment at its excellence centres.
March 29, 2022
Prysmian Group has announced its plans of investing about EUR 1 billion (~USD 1.1 billion) by 2024. The investment is mainly aimed at proving a helping hand to businesses that support the European Energy Transition.
The cable manufacturer is looking forward to putting forth significant investments targeted at augmenting the production capacity of power transmission submarine cables as well as enhancing the technological equipment at its excellence centres.
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It also plans to invest more than EUR 80 million (~USD 87.9 million) to expand its Arco Felice plant in Naples, Italy, especially in view of the Tyrrhenian Link interconnection.
Further, Prysmian plans to invest more than EUR 100 million (USD 109.9 million) in its centre of excellence in Pikkala, Finland, as well as its facility in Gron, France. The facility in Finland is focused on offshore wind farm cabling efforts, whereas the French plant is engaged in German HVDC cable projects.
Moreover, the company is speeding up its plan to build the first high-voltage submarine cable facility in Massachusetts, US. The facility saw an investment of nearly EUR 200 million (~USD 219.79 million).
Speaking about the aim of the investments, Mr. Valerio Battista, CEO, Prysmian Group, said, “Development of the trans-European power grid plays a strategic role in decarbonisation and in the transition to renewable sources, as well as in improving EU energy autonomy — an urgent need that has returned to the fore with the Russia-Ukraine conflict. As a global leader in the cable industry, we have decided to increase investments chiefly in support of energy interconnection projects and connections for renewable sources.”
Prysmian has also introduced the – Leonardo da Vinci, a cable-laying vessel, which was built by the Vard Group. The vessel, which is the largest of its kind, has required an investment of more than EUR 170 million (~USD 186.82 million).
Also Read: Sustainable future and Decarbonisation: Prysmian Contribution on India Strategy and COP26 Goals
At the beginning of this month, Prysmian Group had concluded the North Sea Link between the UK and Norway, which is the world’s longest subsea electricity interconnector. The North Sea Link project was developed jointly with National Grid plc and Statnett.
