EIB and Prysmian Join Forces to Enhance Europe’s Energy Infrastructure

EIB and Prysmian Join Forces to Enhance Europe’s Energy Infrastructure

(IN BRIEF) The European Investment Bank (EIB) has signed a €450 million finance contract with Prysmian to enhance electricity transmission and distribution in Europe, focusing on renewable energy and offshore wind. The funds will be used to manufacture extra-high-voltage submarine and high-voltage onshore cables and upgrade existing lines in Finland, Italy, and France. This investment will double Prysmian’s production capacity for extruded cables to over 4,000 km annually, supporting EU clean energy goals. The project aligns with the EIB’s climate action objectives and REPowerEU framework, promoting regional economic development and job creation.

(PRESS RELEASE) LUXEMBOURG, ,25-Jul-2024 — /EuropaWire/ — The European Investment Bank (EIB) and Prysmian, a global leader in power and telecom cables, have signed a €450 million finance contract to bolster electricity transmission and distribution across Europe. This funding aims to meet the rising demand for renewable energy, particularly offshore wind, by supporting the manufacturing of extra-high-voltage submarine and high-voltage onshore cables, along with upgrading existing cable lines.

Operations will take place in Finland, Italy, and France, where the investment will enable Prysmian to double its production capacity for extruded cables from approximately 2,000 km to over 4,000 km annually. This expansion will occur at Prysmian’s factories in Pikkala, Pozzuoli, and Gron. The enhanced production capacity is expected to aid the EU’s goals for clean energy transmission and long-distance interconnections, thereby improving the integration and efficiency of renewable energy sources.

Aligned with the REPowerEU initiative, which the EIB is supporting with an additional €45 billion by 2027, this project underscores the bank’s commitment to climate action and environmental sustainability. Nearly half of the operations funded by this agreement will take place in cohesion regions such as Campania in Italy and Burgundy in France, addressing regional economic disparities and fostering inclusive development.

The investment is anticipated to create new jobs, delivering significant economic benefits to the involved countries. This agreement continues the longstanding collaboration between Prysmian and the EIB, which has previously supported Prysmian’s research and development efforts across Europe, promoting clean and renewable energy through advanced cable solutions.

EIB Vice-President Gelsomina Vigliotti stated, “The EIB is the EU climate bank, and this financing demonstrates our commitment to clean energy transmission in Europe. This agreement with Prysmian will help achieve the REPowerEU objectives by mobilizing substantial resources to address the most pressing energy and environmental challenges.”

Prysmian CEO Massimo Battaini added, “Prysmian is pivotal in promoting the European energy transition. We are proud of the EIB’s support in building additional capacity to meet the growing demand for clean energy across the continent. This step forward highlights the EU’s recognition of our crucial role in achieving this transition.”

This significant investment underscores the strategic importance of enhancing Europe’s energy infrastructure to support the transition to renewable energy and reflects the shared commitment of the EIB and Prysmian to innovation and sustainability.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

Prysmian is a global power and telecom cabling solutions provider leading the energy transition and digital transformation. By leveraging its wide geographical footprint and extensive product range, its track record of technological leadership and innovation, and a strong customer base, the company is well-placed to capitalise on its leading positions and expand to new, growing markets. Prysmian’s business strategy perfectly matches key market drivers by developing resilient, high performance, sustainable and innovative cable solutions in the transmission, power grid, electrification and digital solutions segments. Prysmian is a public company listed on the Italian Stock Exchange, with almost 150 years of experience, about 30 000 employees, 108 plants and 26 research and development centres in over 50 countries, and turnover of over €15 billion in 2023.

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SOURCE: European Investment Bank