Hellenic Cables has initiated an investment programme of around €80m(US$86.85million) over a two-year period.
The move aims to address the growing demand for electrification driven by the accelerating transition to a low-carbon economy.
The programme includes a major expansion of the company’s subsea cable plant in Corinth, Greece to double its production capacity of submarine cables, provide additional storage as well as upgrade the plant’s port facilities.
To help achieve this, the company acquired a neighbouring property with a total area of 43,000 sq metres.
With this investment, Hellenic Cables will enhance the existing centre 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.
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.
CEO of Hellenic Cables and Cenergy Holdings, Alexis Alexiou commented: “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 programme 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.”
