Prysmian gets EUR 450m from EIB to raise power cable production

Cable manufacturer Prysmian SpA (BIT:PRY) has signed a EUR 450 million (USD 488.7m) finance contract with the European Investment Bank (EIB) to raise its production capacity for power cables for electricity transmission and distribution in Europe.

Thanks to the funds, Prysmian will be able to double its production capacity for extruded cables at its three factories in Pikkala, Finland, Pozzuoli, Italy, and Gron, France, from around 2,000 km a year to over 4,000 km a year. This includes extra-high-voltage submarine power cables and high-voltage onshore cables, as well as other upgrades to existing cables.

The higher production capacity will help to meet EU targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy, EIB said in a statement on Wednesday.

Earlier this year, the cable manufacturer won EUR 5 billion worth of contracts to deploy the BalWin1 and BalWin2 offshore grid connection systems and the DC34 underground cable project in Germany.

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