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$519 million from Sace, Simest and BNP Paribas to build the longest submarine power link to the world
Sace and Simest, in partnership with BNP Paribas Corporate & Institutional Banking (CIB), have announced the opening of a $519 million credit line for the construction of a new subsea electrical interconnection with a capacity of 1,400 MW between the United Kingdom and Norway. National Grid North America (National Grid Group Plc) chose Prysmian to build the connection, representing an historic feat of the Italian technology sector.
The Prysmian Group is a world leader in the cable industry for the energy and telecommunications systems. With over 130 years of experience and a presence in 50 countries with 89 factories and over 19,000 employees, the Milan-based company is strongly positioned in the market segment with the highest technological content in the cable industry.
Prysmian’s work in the project contributes to the realization of the world’s longest undersea power interconnection, with a length of 730 kilometers. At a cost of 2 billion-euros, the infrastructure is an important strategic initiative for the UK and Norway, which will improve the efficiency and safety of the UK and Norway’s production facilities and power transmission networks.
With this new operation, Sace and Simest, a single hub for Italian internationalization, reaffirm their important role in the support of Made-in-Italy abroad. CDP Group, as National Promotional Institution, supports the growth of the Italian entrepreneurial fabric, in accordance with the guidelines of the CDP Business Plan 2016-2020.