EIB and Prysmian Sign €450 Million Finance Contract for Renewable Energy Transmission

The European Investment Bank (EIB) and Prysmian have signed a €450 million finance contract to enhance electricity transmission and distribution in Europe, addressing the increasing demand for renewable energy, particularly offshore wind. Prysmian will utilize the EIB funds to establish new production lines for extra-high-voltage submarine cables, high-voltage onshore cables, and other technical improvements to existing lines. This investment is set to double Prysmian's production capacity for extruded cables at its factories in Pikkala (Finland), Pozzuoli (Italy), and Gron (France) from approximately 2,000 km per year to over 4,000 km per year. According to Prysmian, this investment aligns with the company's estimates and will promote the creation of new jobs, generating significant economic benefits for the countries involved. The EIB-financed project supports EU targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy. EIB Vice President Gelsomina Vigliotti stated, "The EIB is the EU climate bank, and this financing shows our commitment to backing clean energy transmission in Europe." She emphasized that the agreement with Prysmian will help achieve the REPowerEU objectives by mobilizing vast resources to address urgent energy and environmental challenges. Prysmian CEO Massimo Battaini highlighted the company's pivotal role in the European energy transition. He said, "Prysmian is playing a key role in promoting the European energy transition. We are proud that the EIB is supporting our commitment to help build additional capacity to meet the growing demand for clean energy across the continent." This project aligns with the EIB's climate action and environmental sustainability goals, as well as the REPowerEU framework, which the EU bank has committed to support with €45 billion of additional investment by 2027. Nearly half of the operations covered by the agreement will occur in cohesion regions such as Campania in Italy and Burgundy in France, helping to address regional economic disparities and promoting more balanced and inclusive economic development. This contract follows previous agreements between Prysmian and the EIB. The EIB has previously supported Prysmian’s research and development across Europe, promoting clean and renewable energy with interconnections between integrated renewable resource systems via cable solutions.