Greek cable manufacturer Hellenic Cables has launched an investment program of approximately €80 million over a two-year horizon in order to address the growing demand for electrification.
The program includes a major expansion of the company’s subsea cable plant in Corinth that will double the production capacity of submarine cables, provide additional storage, and extensively upgrade the plant’s port facilities.
For this, Hellenic Cables acquired a neighboring property with a total area of 43,000 square meters.
With this investment, the Greek company said it will enhance the existing center 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.
“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,” said Alexis Alexiou , CEO of Hellenic Cables and Cenergy Holdings.
“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.”
To remind, in 2022, Hellenic Cables announced its commitment to reducing absolute scope 1 and 2 GHG emissions by 50 per cent by 2030 from a 2020 base year, as well as the absolute scope 3 GHG emissions from purchased goods and services, employee commuting, and use of sold products by 25 per cent within the same timeframe.
The Greek cable producer is also dedicated to increasing the annual sourcing of renewable electricity from 24 per cent in 2020 to 80 per cent by 2025 and 100 per cent by 2030, respectively.