Cenergy Holdings (hereafter, the “Company”) announces that, the Board of Directors reached a final investment decision to build a cable manufacturing facility in Baltimore, Maryland, USA.
Further to the previous press release dated April 22, 2024, the first step towards its implementation has been completed; the Company’s US subsidiary, Hellenic Cables Americas, acquired the 153,800 sq.m. (38-acre) waterfront property at Wagners Point, Baltimore after successful completion of an extensive due diligence process and all customary approvals.
The first phase includes the construction of a land cables plant to address USA’s growing need for Transmission & Distribution grid upgrades of cost ca. USD 200 million, including the property acquisition. Design is complete, permitting is on track and construction works are expected to commence by the end of the year. The second phase shall include further expansion to manufacturing submarine cables subject to firm developers’ offtake agreements and related final development decisions.
In addition to the above, further to the press release of December 20, 2021, the Company announces that, following Ørsted’s decision to reposition its US Mid-Atlantic project (Skipjack Wind farm), discussions related to potential collaboration between the Company and Ørsted have paused and will be revisited as this repositioning effort evolves.
Cenergy Holdings will keep the investment community informed of any significant developments.
About Cenergy Holdings
Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission. The Cenergy Holdings portfolio consists of Corinth Pipeworks and Hellenic Cables, companies positioned at the forefront of their respective high growth sectors. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables. Corinth Pipeworks is a world leader in steel pipe manufacturing for the energy sector and major producer of steel hollow sections for the construction sector. For more information, please visit our website at www.cenergyholdings.com.
Contacts
For further information, please contact:
Sofia Zairi
Chief Investor Relations Officer
Tel: +30 210 6787111, +30 210 6787773
Email: ir@cenergyholdings.com
