It is the largest deal ever struck in the submarine sector in Europe with coverage from an export credit agency. The total value of the project is around EUR 2 billion which involves the construction of a subsea interconnector between the United Kingdom and Norway.
December 16, 2016
The financing of USD 519 million for National Grid North America was finalized and announced by SACE and SIMEST (Cassa Depositi e Prestiti Group) and BNP Paribas Corporate & Institutional Banking (CIB). This fund will be used in support of the works and supply orders awarded to Prysmian as part of the international project North Sea Link (“NSN Link”). The project, which has a total value of EUR 2 billion, involves the construction of a subsea interconnector with a capacity of 1,400 MW between the United Kingdom and Norway. Once completed, it will extend over 730 kilometers becoming the longest infrastructure of its kind in the world.
The transaction contributes significantly to the completion of an infrastructure project of strategic importance to the United Kingdom and Norway, which will improve the efficiency of the two countries’ power generation systems and transmission networks, thus increasing their energy security and contributing to the achievement of national emissions targets (COP21). Through its participation, Prysmian has shown that it can offer utilities and grid operators committed to building strategic infrastructures best-in-class expertise and resources, not only in technical terms with regard to the design, implementation and execution of projects, but also in the process of securing the required financial resources.
