ROME (Reuters) – Italy’s Prysmian, the world’s largest cablemaker, signed three separate contracts with German grid firm Amprion worth a total of 5 billion euros, the two groups said on Thursday.
Prysmian said the three deals – for two offshore grid connection systems and an underground cable project – represented its biggest package deal ever in value and in kilometres.
They are part of Germany’s plan to install 70 gigawatts (GW) of offshore wind energy by 2045 and will support the transmission of the energy generated in the North Sea to consumers in the western and southern regions of the country, the joint statement said.
They include 3,400 kilometres of land cables and 1,000 km in submarine cables.
Shares in the cable systems leader were up 4.2% at 42.72 euros apiece at 0815 GMT following the announcement.
“The three contracts with Amprion are an important milestone for Prysmian as they underline once again the trusting cooperation between the two companies,” Hakan Ozmen, EVP Prysmian Transmission Division, said in the statement.
Hendrik Neumann, CTO of Amprion, said its deal with Prysmian was “essential” to achieving the group’s offshore expansion targets and key for the three important energy transition projects.
(Reporting by Giulia Segreti, editing by Jason Neely)
