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Prysmian has secured a €450m finance contract from the European Investment Bank (EIB) to bolster electricity transmission and distribution across Europe.
The Italian power and telecom cables manufacturer plans to use the funds to create new production lines for extra-high-voltage submarine cables, enhancing high-voltage onshore cables and improving existing lines.
The EIB investment will enable Prysmian to double its extruded cables' production capacity at factories in Pikkala in Finland, Pozzuoli in Italy and Gron in France.
The current capacity of 2,000km per year is set to increase to more than 4,000km, addressing the surging demand for renewable energy, particularly in the offshore wind sector.
This expansion is expected to significantly contribute to the EU's clean energy transmission goals, facilitating submarine cable solutions and long-distance interconnections that enhance the integration and efficiency of renewable energy sources.
The initiative aligns with the EIB's climate action and environmental sustainability objectives, as well as the REPowerEU framework, which the EU bank has pledged to support with an additional €45bn investment by 2027.
Almost half of the operations under the agreement will occur in cohesion regions such as Campania in Italy and Burgundy in France, aiming to reduce regional economic disparities.
The contract is a continuation of the ongoing collaboration between Prysmian and the EIB.
In February 2022, the EIB supported Prysmian's research and development activities across Europe, enhancing its production centres and promoting clean energy through cable solutions that connect integrated renewable resource systems.
In July 2024, Prysmian closed the acquisition of American cable manufacturer Encore Wire.
"Prysmian gains €450m from EIB to boost Europe’s energy infrastructure" was originally created and published by Power Technology, a GlobalData owned brand.
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