Hellenic Cables to Build a $300M Cable Manufacturing Plant in Wagner’s Point

Hellenic Cables Americas, a division of Cenergy Holdings has unveiled its intention to build a $300 million cable manufacturing plant in Wagner’s Point, Maryland. This substantial investment is geared towards supporting the growth of offshore wind energy initiatives, in the Mid-Atlantic area.

Scheduled to kick off construction by the end of 2024, the project will be situated on a 38-acre waterfront location that has already been procured by the company. The strategic positioning of the facility will enable it to supply cables for offshore wind farms contributing to the enhancement of local power networks and facilitating the incorporation of sustainable energy sources.

As per a statement released by Cenergy Holdings, the initial phase of development will concentrate on establishing a land cable manufacturing plant with a cost of $200 million. This phase entails acquiring the site and implementing cutting edge manufacturing technologies to produce cables for underground applications. These cables are pivotal in modernizing power infrastructure to accommodate electricity generated by wind turbines and other renewable energy sources.

The upcoming establishment and operation of the cable manufacturing plant, in Wagner’s Point are poised to bring about opportunities for the local community. Not only will this endeavor create employment prospects throughout the construction phase and ongoing operation. It will also bolster local job markets and spur economic development.

Phase 2 of Hellenic’s Cable Manufacturing Plant in Wagner’s Point

In the second phase, Hellenic Cables intends to enlarge the facility for producing cables constituting the remaining $100 million of the investment. These specialized cables will streamline connecting turbines, with power grids optimizing energy transmission efficiency.

Moreover, Hellenic Cables has secured a $58 million tax credit from the U.S. Department of Energy through its Qualifying Advanced Energy Project program. This financial support highlights the governments backing of initiatives that improve America’s energy infrastructure and drive innovation in energy technologies.

As Hellenic Cables progresses with its plans to set up the manufacturing facility anticipation is mounting among residents and stakeholders within the energy sector. The company is dedicated to maintaining transparency and fostering communication as the project unfolds ensuring that all involved parties are kept informed about the facility’s progress and impacts.

Additionally, Hellenic Cables investment in Wagner’s Point symbolizes a commitment, to advancing Americas energy capabilities. Through the construction of a cutting edge manufacturing plant the company aims to bolster wind energy expansion in the Mid-Atlantic region while simultaneously bringing economic advantages to Wagner’s Point and contributing to local energy infrastructure upgrades.

With a history of more than 70 years in the industry Hellenic Cables stands out as a provider of cables and comprehensive solutions on a global scale. Their services cater to sectors including energy transmission and distribution renewable energy, offshore wind projects, telecommunications, data networks, construction and industrial needs. Operating through its subsidiary Fulgor Hellenic Cables manages a submarine cable manufacturing facility, in Corinth, Greece. Here they test some of the submarine cables without any factory joints using advanced facilities and equipment. Since 2012 Hellenic Cables has been implementing an investment plan EUR 550 million to modernize its production facilities into cutting edge establishments.