Italian cable manufacturer Prysmian has decided to cancel its plans to build a submarine cable factory in Somerset, Massachusetts, intended to serve the U.S. offshore wind market. The facility, which was planned for the Brayton Point area, will no longer proceed after the company evaluated its market strategy and investment priorities.
A spokesperson for Prysmian explained: “Prysmian is continuously evaluating market opportunities for our capacity to be aligned with demand, to best serve our customers' needs, and to also carry out efficient and timely investments — including all relevant permitting permissions — in our growing markets, in the U.S. and globally. As a result of the consideration, including the strong growth opportunities in the U.S. and global cable markets, Prysmian has decided to not proceed with the purchase of the land in Somerset, and therefore will not proceed with the Brayton Point project.”
The spokesperson emphasized that the decision was not linked to any political developments and noted that the company continues to see “excellent opportunities for growth” in the U.S., particularly driven by the expansion of data centers, reshoring of industry, and electrification.
A source close to the company added that the U.S. submarine cable market differs from Europe's, with a smaller demand for interconnectors, making offshore wind a more significant driver of growth in the U.S. compared to Europe. However, the U.S. offshore wind market remains relatively small.
“We need to align our investment in capacity to demand at this time of increasing global demand across all of our segments,” the source said.
The same source clarified that the U.S. offshore wind market did not “substantially materialize” under the previous administration of President Joe Biden, and rejected claims that former President Donald Trump had hindered the industry. “The reality is the market hasn't developed as had previously been foreseen,” the source added.
The Brayton Point factory project had also faced multiple delays, and the necessary permitting was still not granted when Prysmian opted to pull the project last week.
