Hellenic Cables, the cables segment of Cenergy Holdings and leading provider of power and data transmission solutions, initiates an investment program of ca. EU 80 million over a two-year horizon to address the growing demand for electrification driven by the accelerating transition to a low-carbon economy.
The program includes a significant expansion of the sophisticated subsea cable plant in Corinth, Greece, that will double the production capacity of submarine cables, provide additional storage, and extensively upgrade the plant’s port facilities. In this context, the company acquired a neighbouring property with a total area of 43,000 sq.m.
With this investment, Hellenic Cables will enhance the existing centre of manufacturing excellence for a wide range of subsea cables, from Medium Voltage 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.
Hellenic Cables, through this major investment program, aims to strengthen its role further as a key enabler of this transition. The investments will allow Hellenic Cables to flawlessly execute a record-high order backlog and serve the increasing demand and the greater expectations of customers and stakeholders.
Alexis Alexiou, CEO of Hellenic Cables and Cenergy Holdings, 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 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.”
Image source: Courtesy of Hellenic Cables
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