Prysmian seals contract for 750-MW link between Victoria and Tasmania

Italian cable manufacturer Prysmian SpA (BIT:PRY) on Friday said it has finalised a contract worth around EUR 600 million (USD 650m) to provide a new power interconnector between the Australian states of Victoria and Tasmania.

Under the agreement with Marinus Link Pty Ltd, Prysmian will design, test, supply and install a 750-MW high voltage direct current (HVDC) cable system, representing the first stage of the project. Marinus Link is planned to be delivered in two 750-MW stages, with the first due to be completed by 2030. The link will be 345 km (214 miles) long, including 255 km undersea across Bass Strait and 90 km underground in Gippsland, Victoria,

The contract finalisation with Prysmian follows a capacity reservation agreement, announced in September 2023.

“Marinus Link will enable Tasmania to import excess supply of solar and wind produced interstate, while reserving its hydro and storing the extra energy. Clean hydropower can then feed the national grid when it is needed most, acting as a large battery for the nation,” sad Marinus Link CEO Caroline Wykamp.

Prysmian will produce the submarine cables in Arco Felice, Italy, and the land cables in Delft, The Netherlands or Gron, France. The company will use its cable-laying vessel the Leonardo da Vinci for the installation. It will start work following the issuance of a notice to proceed, which is expected by August next year.

"This project strengthens our global leadership, as well as our position in Oceania's fast-growing renewables market," commented Hakan Ozmen, EVP Transmission at Prysmian.

(EUR 1 = USD 1.084)

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