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Prysmian granted €120 million loan

4C Offshore | Chris Anderson
By: Chris Anderson 06/03/2023 Prysmian Group

Prysmian has been granted a loan of €120 million by Cassa Depositi e Prestiti (CDP) to use in Research and Development for network upgrading purposes. The loan is provided on the basis of Prysmian's research and development plan to use innovative technologies, support their initiative to strengthen digitalisation processes and cut emissions to facilitate the energy transition, focussing on  Italy, France, The Netherlands, Spain and Germany for the 2021-2024 period.

In detail, the initiative financed is part of a larger project focusing on four areas relating to innovative materials research. From the use of nanotechnology, to new sustainable materials and solutions, management of low-voltage power grids and systems and hybrid cables for the energy and telecommunications sector.

The development of the R&D activity carried out by Prysmian is also in line with the Paris Agreement, and the European Green Deal and Horizon Europe directives for the promotion of clean, renewable energy, ensuring the interconnection of integrated systems of renewable resources through cable systems. The finance facility granted to the Group is part of a long-standing collaboration between CDP and Prysmian Group and confirms the commitment of CDP (according to CDP) to supporting Italian companies in their growth, expansion, and technological and digital development plans.

Andrea Nuzzi, Head of Corporate and Financial Institutions, CDP stated: "This transaction confirms the important role of CDP in supporting an Italian Group that is among the global leaders of its industry and invests considerably in research and development to continue its innovation journey".

Giovanni Zancan, Group Finance Senior Vice President of Prysmian Group also commented: "The new loan, with a 6-year maturity, further strengthens the whole Group’s financial structure. We are extremely satisfied with CDP's ongoing support and trust".

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