Prysmian was awarded a contract worth more than Euro 300 million by Réseau de Transport D’Electricité (RTE) to provide submarine cable systems to link three offshore wind farms to the mainland power grid in France. Prysmian is responsible for the design, supply, installation, testing and commissioning of two HV export power cables for each of the three offshore wind farms, covering both the submarine and onshore routes to connect Fécamp, Calvados and St Nazaire to the French electricity grid.
The Group was chosen by the US company Verizon Communications to support expansion of the telecom carrier's optical network that will promote the development of 5G services, while improving the 4G LTE capacity of the broadband network. The three-year contract, worth approximately USD 300 million, involves the supply of 17 million fibre kilometres of ribbon and loose tube cables. Both Prysmian and Verizon believe that demand for optical fibre cables for the next-generation passive optical network will last well beyond 2020 as new technologies like 5G and the IoT become reality.
Prysmian signed a contract worth around Euro 350 million with IFA2 SAS, a joint venture between Britain’s National Grid IFA2 Ltd and RTE of France for the turnkey design, manufacture and installation of a submarine and underground power cable to connect Tourbe in France to Chilling in Hampshire, UK. The submarine cables will be manufactured at the Prysmian production facility in Pikkala, Finland, while the underground cables will be manufactured at the Prysmian factory in Gron, France. The Prysmian cable-laying vessels Cable Enterprise and Ulisse will both be used for installation of the submarine cables.
Prysmian launched a Euro 500 million Zero Coupon Equity Linked Bond due 2022, reserved for institutional investors.The Company will have the option to call all of the outstanding bonds at their principal amount from 1 February 2020, should the value of the shares exceed 130% of the conversion price for a specified period of time.
The issue allows the Group to diversify its financial resources more widely by raising funds on the capital market.
The union of Prysmian Group and General Cable presents a unique opportunity for growth, enabling the global flow of energy and information, helping sustain human achievement worldwide. At the core of this goal lies advanced technology and the excellence of our people.