EIB And Prysmian Sign €450 Million Deal To Boost Europe’s Green Energy Transmission

The European Investment Bank (EIB) and Prysmian, a global leader in the power and telecom cables sector, have signed a new €450 million finance contract to enhance electricity transmission and distribution in Europe.

To meet the increasing demand for renewable energy, especially offshore wind, Prysmian will utilize the EIB funds to build new production lines for extra-high-voltage submarine cables, high-voltage onshore cables, and other technical upgrades to existing lines. This investment will enable Prysmian to double its production capacity for extruded cables at its factories in Pikkala (Finland), Pozzuoli (Italy), and Gron (France), increasing output from around 2,000 km per year to over 4,000 km per year.

This expansion is aimed at achieving EU targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy sources. According to Prysmian, this investment will also create new jobs, generating significant economic benefits for the involved countries.

The project aligns with the EIB’s climate action and environmental sustainability goals and supports the REPowerEU framework, which commits the EU bank to invest an additional €45 billion by 2027. Nearly half of the operations under this agreement will occur in cohesion regions like Campania in Italy and Burgundy in France, addressing regional economic disparities and promoting balanced economic development.

This contract continues the longstanding collaboration between Prysmian and the EIB. In previous agreements, the EIB supported Prysmian’s research and development efforts across Europe, fostering the company’s production centres of excellence and promoting clean and renewable energy through integrated cable solutions.

EIB Vice-President Gelsomina Vigliotti stated, “The EIB is the EU climate bank, and this financing demonstrates our commitment to supporting clean energy transmission in Europe. This agreement with Prysmian will help achieve the REPowerEU objectives by mobilizing vast resources to tackle the most urgent energy and environmental challenges.”

Prysmian CEO Massimo Battaini added, “Prysmian is playing a key role in advancing the European energy transition. We are proud that the EIB is supporting our commitment to building additional capacity to meet the growing demand for clean energy across the continent. The EIB shares our unwavering commitment to innovation in our products and services to promote efficiency, which is crucial for making the energy transition more achievable and implementing it more quickly. This new step forward highlights the essential role our company plays in this transition.”

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

Prysmian is a global power and telecom cabling solutions provider leading the energy transition and digital transformation. By leveraging its wide geographical footprint and extensive product range, its track record of technological leadership and innovation, and a strong customer base, the company is well-placed to capitalize on its leading positions and expand to new, growing markets. Prysmian’s business strategy perfectly matches key market drivers by developing resilient, high-performance, sustainable and innovative cable solutions in the transmission, power grid, electrification and digital solutions segments. Prysmian is a public company listed on the Italian Stock Exchange, with almost 150 years of experience, about 30,000 employees, 108 plants, 26 research and development centres in over 50 countries, and a turnover of over €15 billion in 2023.