ITALY – Prysmian Group unveiled the new cable-laying vessel Leonardo da Vinci and announced a development plan including a submarine cable factory in the US, production capacity expansion in Italy, Finland and France, and an investment of about €1 billion ($1.1 billion) in power grid interconnections by 2024.

The investment will be mainly targeted at developing businesses that support the energy transition, the company said in a press release.

In early 2022, the Group was awarded the contract to build Neu Connect, the first power interconnection between Great Britain and Germany, a milestone project within the construction of the pan-European power grid.

“Development of the trans-European power grid plays a strategic role in decarbonisation and in the transition to renewable sources, as well as in improving EU energy autonomy — an urgent need that has returned to the fore with the Russia-Ukraine conflict. As a global leader in the cable industry, we have decided to increase investments chiefly in support of energy interconnection projects and connections for renewable sources," commented Valerio Battista, Prysmian Group's CEO.

On the occasion of the Submarine Cable Day held in Naples in the presence of the major international utilities and grid operators, Prysmian Group presented the new cable-laying vessel Leonardo da Vinci built by Vard Group (Fincantieri). The vessel is part of the company’s major investment plan aimed to consolidate the approximately 35-40% share in the HV submarine and underground cable market set to grow up to over €8 billion ($8.8. billion) a year in terms of projects awarded (2025 forecasts).

Significant investments will be made in expanding the production capacity and technological equipment of the key centers for power transmission submarine cables: over €80 million ($88.1 million) will be invested in the expansion of the Arco Felice (Naples) plant, which will be expanded in view of the execution of the Tyrrhenian Link interconnection; over €100 million ($110.1 million) will be invested in the Pikkala (Finland) center for Northern Europe, particularly focused on offshore wind farm cabling projects, as well as to the Gron plant in France for the production of the German HVDC cable projects. The current submarine cable production structure is rounded out by the plants in Nordenham, Germany, and Drammen, Norway.

The Group is also accelerating its plan to build the first HV submarine cable facility in Massachusetts, USA, which with an investment of approximately €200 million ($220.2 million) will be a hub of strategic importance for the development of the offshore wind power industry in the country.

Source: Prysmian Group