Subsea cable maker Hellenic Cables plans to invest around 80 million euros (currently ~$86,47 million) over two years to meet the growing demand for "electrification driven by the accelerating transition to a low-carbon economy."
The program includes a major expansion of the sophisticated subsea cable plant in Corinth, Greece, that will double production capacity of submarine cables, provide additional storage, as well as extensively upgrade the plant’s port facilities. In this context, the company acquired a neighboring property with a total area of 43,000 square meters, it said Friday.
"With this investment, Hellenic Cables will enhance the existing center of manufacturing excellence for a wide range of subsea cables, from medium voltage up to extra-high voltage ones needed in fast-growing markets like offshore wind, subsea interconnections, and power-from-shore," the company added.
According to Hellenic Cables, renewables are projected to lead this effort in the foreseeable future, with most of their growth expected to come from offshore wind. In addition, grid interconnections, both nationally and internationally, will further enhance energy security, the company said.
The investments, the company said, will allow Hellenic Cables to flawlessly execute a record high order backlog and serve the increasing demand as well as the greater expectations of customers and stakeholders.
Alexis Alexiou, CEO of Hellenic Cables and Cenergy Holdings, said: “This is a turning point in Hellenic Cables’ vision to become a key enabler of the energy transition with a comprehensive portfolio of products and services that meet the highest standards of quality, safety and sustainability. With this investment program, we respond to our customers’ and stakeholders’ needs and ambitions with concrete actions. It is solid proof of our commitment to support the global effort towards a more sustainable future.”