Prysmian Group said it was keeping pace with the execution of its investment plan of around 1 billion euros by 2024, mainly aimed at the development of companies that support the energy transition.
Prysmian Group Managing Director Valerio Barrista said: “The development of the trans-European electricity network plays a strategic role in decarbonisation and the transition to renewable sources, as well as in improving the EU’s energy autonomy, an urgent need which has come to the fore with the Russian-Ukrainian conflict.
“As a world leader in the cable industry, we have decided to increase investments mainly in favor of energy interconnection projects and connections for renewable sources.”
Prysmian said its major investment plan aims to consolidate its share of around 35-40% in the market for submarine and underground high-voltage cables, which is expected to reach more than 8 billion euros per year in terms projects won (forecasts for 2025).
In 2021, Prysmian acquired projects worth €4.8 billion.
In addition, at the start of 2022, the Group won the construction contract for Neu Connect, the first electricity interconnector between Great Britain and Germany, a flagship project in the construction of the pan-European electricity network.
Prysmian also unveiled a new cable laying vessel, the Leonardo da Vinci, which has been built by Vard Group (Fincantieri).
It is the largest cable ship in the world, requiring an investment of more than €170 million (already financed before the launch of the 2022-2024 plan), which will accelerate the time required to carry out interconnection projects underwater, while reducing their environmental impact. impact, according to the company.
The Group’s fleet of cable ships also includes the Giulio Verne, the Cable Entreprise and the Ulisse, as well as the new barge Barbarossa.
Moreover, in addition to the base of Arco Felice (Naples), he can also count on the base of operations of Middlesbrough in Great Britain.
Significant investments will be made in expanding the production capacity and technological equipment of the main centers of excellence for submarine energy transmission cables.
An investment of more than €80 million will go to the Arco Felice plant (Naples), which will be expanded, particularly with a view to building the Tyrrhenian Link interconnection.
An investment of more than 100 million euros will go to the center of excellence in Pikkala (Finland) for Northern Europe, particularly focused on offshore wind farm cabling projects, as well as to the Gron plant in France for the production of German HVDC cable projects.
The current submarine cable production structure is complemented by plants in Nordenham, Germany, and Drammen, Norway.
The Group is also accelerating its project to build the first high-voltage submarine cable facility in Massachusetts, United States, which, with an investment of approximately 200 million euros, will constitute an important hub strategic for the development of the offshore wind industry in the country.
Hakan Ozmen, Prysmian Group Executive Vice President for Projects, said: “As we demonstrated just a few days ago with the rapid completion of the NSL interconnector between the UK and Norway , the longest in the world, we can guarantee unique levels of reliability and precision in the execution of projects in our sector.”