EIB and Prysmian sign €450 million deal to boost renewable energy transition 

The European Investment Bank (EIB) announced that it had signed a €450 million finance contract with Prysmian, a prominent player in the power and telecom cables sector.  

The financing contract will see the EIB provide Prysmian with funds to facilitate electricity transmission and distribution in Europe.  

In response to the increasing demand for renewable energy, especially offshore wind, Prysmian plans to use the EIB funding to expand production capabilities. 

Also read: EIB Global commits €73 million to accelerate the decarbonisation of the automotive industry   

This includes establishing new production lines for extra-high-voltage submarine cables, enhancing high-voltage onshore cable facilities, and upgrading existing manufacturing lines. 

The investment will allow Prysmian to increase the production capacity of its extruded cables factories in Pikkala (Finland), Pozzuoli (Italy), and Gron (France) from approximately 2,000 km per year to more than 4,000 km per year. 

The production upgrade will aid the EU in achieving the targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy. 

Also read: EIB commits €400 million to enhance water security in Jordan 

EIB Vice-President Gelsomina Vigliotti said: “The EIB is the EU climate bank, and this financing shows our commitment to backing clean energy transmission in Europe. This agreement with Prysmian will help achieve the REPowerEU objectives by mobilising vast resources to address the most pressing energy and environmental challenges.” 

Prysmian’s projections indicate that this investment will support the creation of new jobs, aligning with the timelines and processes that are currently under development.