Independent growth strategy in China

Independent growth strategy in China

With the acquisition of Shen Huan Cable, Prysmian Group shifts to an uninvolved HV offer, significantly improving competitiveness, flexibility and efficiency.

By winning a bankruptcy auction for certain assets of a HV cables factory in China previously operated by Shen Huan Cable Technologies, Prysmian Technology Jiangsu Co. Ltd. has moved to an independent High Voltage offer in the huge Chinese market. The Group recently decided to divest its 67% stake in the joint venture formerly known as Prysmian Baosheng Cable Co. Ltd.

Once the acquisition is completed, Prysmian Technology Jiangsu will be able to count on manufacturing and logistics facilities consisting of an area of more than 190,000 sqm and 5 production lines (2 VCV lines up to 500 kV, 1 CCV line up to 220 kV and 2 CCV lines for MV cables) with a production capacity of over 20,000 tonnes per year. Prysmian Technology Jiangsu will offer a wide range of cable technologies and products, including Extra High Voltage and High Voltage cable systems as well as Medium Voltage and Fire Protection cables, from 6 kV to 500 kV. Located in the city of Yixing, Wuxi municipality, Jiangsu province, the new facility will be capable of producing all the main designs available in the HV systems sector.

IT’S BASEBALL TIME

Prysmian has supplied telecom cables to link communications of the Spirit Communications Park, the baseball park of the City of Columbia, South Carolina. The customer is Spirit Communications, a company headquartered in Columbia, which uses traditional and advanced technologies to connect people, with the most advanced technologies for voice, data, Internet and fibre optic solutions. The Spirit Communications Park opened last spring and can seat up to 9,077 people. The ballpark also serves as an entertainment venue, hosting concerts and community functions. Prysmian Group provided ExpressLT™, a high-capacity cable that delivers services to communities and businesses statewide and combines buffer tubes with enhanced flexibility, a completely dry water-blocking system, and optional ezPREP® armour.

Export financing to support Prysmian in the North Sea Link

SACE and SIMEST, two Italian government sponsored financial agencies, along with BNP Paribas Corporate & Institutional Banking, announced the finalisation of an export financing facility of $519 million for National Grid North America, a company of the National Grid Plc Group, the UK’s main electricity and gas utility company.

The financing will support the works and supply orders awarded to Prysmian as part of the international project North Sea Link.

The project, which has a total value of €2 billion, involves the construction of a subsea interconnector with a capacity of 1,400 MW between the United Kingdom and Norway. Once completed, it will extend over 730 km, becoming the longest infrastructure of its kind in the world. The credit facility, provided by BNP Paribas CIB and a pool of international banks, is backed by the participation of the two agencies that are part of Italian export and internationalisation hub, Cassa Depositi e Prestiti Group. The transaction contributes significantly to the completion of an infrastructure project of strategic importance to the United Kingdom and Norway, which will improve the efficiency of the two countries’ power generation systems and transmission networks, thus increasing their energy security and contributing to the achievement of national emissions targets.

Through its participation, Prysmian offers best-in-class expertise and resources, not only in technical terms with regard to the design, implementation and execution of projects, but also in the process of securing the required financial resources.