Funding for Renewable Energy Transmission Infrastructure
Prysmian and EIB Ink €450 Million Deal to Support Clean Energy Transmission
In an effort to meet the rising demand for renewable energy, particularly offshore wind, the European Investment Bank and Prysmian have inked a new €450 million financing deal to facilitate the transmission and distribution of electricity throughout Europe.
Prysmian intends to utilize the EIB funds to construct new production lines for high-voltage onshore cables, extra-high-voltage submarine cables, and other technical upgrades to current lines.
Increased Cable Production Capacity
With the help of the EIB-financed project, Prysmian will be able to increase the amount of extruded cables it produces at its three facilities—Pikila, Finland; Pozzuoli, Italy; and Gron, France—from about 2000 km to more than 4000 km annually.
Enhancing Renewable Energy Integration and Efficiency
By enhancing the integration and efficiency of renewable energy, this will contribute to meeting EU targets for clean energy transmission via long-distance interconnections and submarine cable solutions.
Prysmian estimates indicate that this investment will also encourage the creation of new jobs, resulting in significant economic benefits for the participating countries, and in accordance with time frames and procedures that are still being defined.
Alignment with Environmental and Climate Goals
The project fully complies with the environmental sustainability and climate action goals of the EIB as well as the REPowerEU framework, which the EU bank has pledged to support with an additional €45 billion in investment by 2027.
Furthermore, nearly half of the operations covered by the agreement will be carried out in regions of cohesion like Burgundy, France, and Campania, Italy, helping to address regional economic disparities and fostering more inclusive and balanced economic development.
Ongoing Partnership between Prysmian and EIB
This agreement is the result of earlier ones between Prysmian and the EIB. The EIB has previously supported Prysmian’s research and development efforts throughout Europe, aiding in the maintenance of its centers of excellence for production and advancing clean and renewable energy through cable solutions that link integrated renewable resource systems.
“The EIB is the EU climate bank, and this financing shows our commitment to backing clean energy transmission in Europe,” stated Gelsomina Vigliotti, vice president of the EIB. Through the mobilization of significant resources to address the most urgent energy and environmental challenges, this agreement with Prysmian will contribute to the achievement of the REPowerEU objectives.”
“Prysmian is playing a key role in promoting the European energy transition,” stated Massimo Battaini, chief executive of Prysmian. We are honored that the EIB is backing our pledge to contribute to the construction of more capacity in order to meet the continent’s expanding need for clean energy.”The Energy Transition must be made more feasible and implemented more quickly, and the EIB shares our unwavering commitment to innovation in our products and services to promote efficiency. “This new step forward shows how the European Union is aware of the essential role our company has in achieving this transition,” the EIB said.
