The first step towards making the investment happen from Cenergy Holdings in Baltimore, USA, the acquisition of a waterfront plot of land in Wagners Point, with an area of approximately 153,800 m2, was completed with its subsidiary Hellenic Cables Americas.
As announced, the company’s Board of Directors has made the final decision to invest in a cable manufacturing facility in Baltimore, Maryland.
The first phase involves the construction of a terrestrial cable plant to meet the growing U.S. need for upgrades to the power transmission and distribution grid, at a cost of approximately $200 million, including the purchase of the property. The project is complete, permitting is progressing smoothly, and construction is expected to begin by the end of the year.
The second phase will include a further expansion into the production of submarine cables, which will however depend on the final agreements to absorb the cables produced from the project promoters and the related final investment decisions.
Interrupt discussions
Furthermore, it was announced that, following Ørsted’s decision to review its Atlantic coast project (SkipjackWind wind farm), discussions regarding a possible partnership between Cenergy Holdings and Ørsted have been suspended. They will be reviewed as this review effort progresses.