From EIB 450 million to Prysmian for energy transition

The European Investment Bank (EIB) and Prysmian, world leader in the power and telecom cables sector, have signed a new, 450 million euros finance contract to facilitate electricity transmission and distribution in Europe. With a view to meeting the growing demand for renewable energy in general and offshore wind in particular, Prysmian will use the EIB funds to build new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables and other technical improvements to existing lines.

The EIB-financed investment will enable Prysmian 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 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. According to Prysmian estimates and in line with time frames and procedures that are still being defined, this investment will also promote the creation of new jobs, thereby generating major economic benefits for the countries involved. In addition, almost half of the operations covered by the agreement will take place in cohesion regions such as Campania in Italy and Burgundy in France, thereby helping to address regional economic disparities and promoting more balanced and inclusive economic development.

“Prysmian is playing a key role in promoting the European energy transition. We are proud that the EIB is supporting our commitment to help build additional capacity to meet the growing demand for clean energy across the continent. The EIB shares our unwavering commitment to innovation in our products and services to promote efficiency, which is crucial both to making the energy transition more achievable and to implementing it more quickly. This new step forward shows how the European Union is aware of the essential role our company has in achieving this transition”, Prysmian CEO Massimo Battaini declared.