(Finance) – Prysmiana company listed on Euronext Milan and active in the sector of cable systems for energy and telecommunications, has registered progress in the design of a new submarine power cable plant in the United States. In fact, Prysmian and CDC Commercial Development Company announced the signing of the contract for the acquisition by Prysmian of the site identified at Brayton Point (Massachusetts). Final acquisition is subject to permits. The overall investment to build the new plant is approximately $ 200 million.
The finalization of plans for the location of the submarine cable manufacturing footprint in the United States also implies the confirmation of the assignment of projects of cabling of the Commonwealth Wind and Park Wind City Offshore wind farms for a total value of approximately 900 million dollars by Vineyard Wind, a JV between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP), is specified in a note. There Notice to Proceed has not yet been issued.
“We are very satisfied with the agreement reached with CDC and with the progress of our project to build the new plant at Brayton Point,” he said. Hakan Ozmen, EVP Projects Business of Prysmian Group – I would like in particular to thank the government of Massachusetts for the attention it has devoted to this important project, which will allow reconverting the area of the former Somerset coal-fired power plant for production to support the energy transition In the USA”.
“Prysmian Group already has a significant presence in the USA and the new plant will allow us to support our customers even more closely and to gain a major competitive advantage in a market expected to grow rapidly, with the goal of 30 new gigawatts of power to be installed by 2030, in line with the Biden Plan, “added Hakan Ozmen.