Hellenic Cables Americas, a subsidiary of Cenergy Holdings, has been granted a $58 million tax credit for its planned cables factory in Maryland, USA. The factory, with an estimated cost of $300 million, is set to be located in Baltimore and will produce subsea and underground cables for offshore wind and power grid applications.
The allocation of the Qualifying Advanced Energy Project transferable tax credit (IRA 48C) was approved by the Department of Energy and confirmed by the Internal Revenue Service. This tax credit will support Hellenic Cables Americas' efforts to establish its manufacturing facility in Baltimore.
As part of the project's initiation, Hellenic Cables Americas is in the process of acquiring a 38-acre waterfront property at Wagners Point in Baltimore. The acquisition, subject to customary approvals, is anticipated to be finalized within the next eight weeks following a thorough due diligence process conducted over recent months.
Commenting on the development, a representative from Hellenic Cables Americas stated, “This tax credit marks a significant step forward for our planned cables factory in Maryland. We are committed to advancing the production of subsea and underground cables to support the growing demand for renewable energy infrastructure.”
The establishment of the factory in Baltimore underscores Hellenic Cables Americas' dedication to expanding its manufacturing capabilities in the United States. The project aligns with the company's strategic objectives to contribute to the development of sustainable energy solutions and strengthen its presence in key markets.
