The European Investment Bank (EIB) has signed a €450 million finance contract with Prysmian, a global leader in the power and telecom cables sector, to enhance electricity transmission and distribution in Europe. This investment will bolster Prysmian's production capacity, particularly in the manufacturing of extra-high-voltage submarine power cables and high-voltage onshore cables, supporting the objectives of the REPowerEU framework.
Prysmian will utilize these funds to construct new production lines and improve existing ones at its factories in Pikkala (Finland), Pozzuoli (Italy), and Gron (France). This initiative will double the company's production capacity for extruded cables from 2,000 km to over 4,000 km annually, facilitating better integration and efficiency of renewable energy across Europe.
This project aligns with the EIB's climate action and environmental sustainability goals and is part of the EU bank's commitment to support the REPowerEU framework with €45 billion of additional investment by 2027. The investment is also expected to create new jobs, particularly in cohesion regions like Campania in Italy and Burgundy in France, thereby promoting balanced economic development.
Gelsomina Vigliotti, Vice-President of the EIB, emphasized the importance of this investment, stating, "The EIB is the EU climate bank, and this financing shows our commitment to backing clean energy transmission in Europe. This agreement with Prysmian will help achieve the REPowerEU objectives by mobilizing vast resources to address the most pressing energy and environmental challenges."
Massimo Battaini, CEO of Prysmian, added, "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. This new step forward shows how the European Union is aware of the essential role our company has in achieving this transition."
Source: prysmian.com