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Hellenic Cables awarded tax credit allocation for U.S. cables manufacturing facility

By: Chloe Emanuel 23/04/2024 Cenergy Holdings

Cables General

Cenergy Holdings announces that its US subsidiary, Hellenic Cables Americas, intends, subject to a final investment decision, to build a new cable manufacturing facility in Baltimore, Maryland, of approx. value USD 300 million.

In the context for this potential investment, Hellenic Cables Americas successfully applied to the Department of Energy and received an allocation letter from the Internal Revenue Service, granting its request for a Qualifying Advanced Energy Project transferable tax credit up to USD 58 million for its intended cables manufacturing facility in Baltimore, Maryland.

As a first step toward the implementation of this project, Hellenic Cables Americas intends to acquire a 38-acre waterfront property at Wagners Point, Baltimore upon successful completion of an extensive due diligence process during the last several months.

Subject to customary approvals, this transaction is expected to be completed within the next 8 weeks. The new factory, which is contingent upon the final investment decision, will be dedicated to manufacturing underwater and underground cables for Offshore Wind and Grid Modernization applications.

It will address the 21st century, growing energy transition market with high-tech products made in a modern, clean, low-noise, ultra-low-emissions environment. Cenergy Holdings will keep the investment community informed of any significant developments.

To access more information on subsea cables for offshore wind and interconnector projects, as well as transmission intelligence, click here.

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Hellenic Cables awarded tax credit allocation for U.S. cables manufacturing facility

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