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Italy's Prysmian, the world's leading cable manufacturer, has inked three significant contracts with Amprion, totalling €5 billion ($5.4 billion). The agreements, announced on Thursday, mark a major milestone in the expansion of Germany's power grid.
Prysmian revealed that these contracts, involving two offshore grid connection systems and an underground cable project, represent the company's largest package deal both in terms of value and kilometres covered. They are integral to Germany's ambitious plan to install 70 gigawatts (GW) of offshore wind energy by 2045, facilitating the transmission of energy generated in the North Sea to consumers in western and southern Germany.
Amprion, one of Germany's key high-voltage power transmission network operators, is backed by RWE, the country's largest electricity producer, along with a consortium including Munich Re, Swiss Life, and Talanx. Like its counterparts, Amprion is gearing up for substantial investments in the expansion of Germany's grid infrastructure to accommodate the growing influx of renewable energy installations. The company has allocated approximately €22 billion for such investments by 2027.
The contracts with Prysmian encompass 3,400 kilometres of land cables and 1,000 kilometres of submarine cables, highlighting the scale of the infrastructure projects underway. Following the announcement, Prysmian's shares surged by 5.3% to €43.19 apiece, reflecting investor confidence in the company's strategic partnerships and growth prospects.
Hakan Ozmen, EVP of Prysmian's Transmission Division, emphasised the significance of the collaboration with Amprion, citing it as a testament to the strong and trusted relationship between the two entities. Hendrik Neumann, CTO of Amprion, echoed this sentiment, stressing the essential role of the Prysmian partnership in realising Amprion's offshore expansion goals and advancing key energy transition projects.
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