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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Prysmian S.p.A.    PRY   IT0004176001

PRYSMIAN S.P.A.

(PRY)
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Prysmian S p A : signed preferred bidder agreement for Sofia offshore wind farm project worth over €200 M

11/17/2020 | 11:59am EST

PRESS RELEASE

PRYSMIAN SIGNED PREFERRED BIDDER AGREEMENT FOR SOFIA OFFSHORE WIND FARM PROJECT WORTH OVER €200 M

AS THE FARTHEST FROM SHORE SINGLE OFFSHORE WIND FARM,IT WILL REQUIRE MORE THAN 440KM OF HVDC

SUBMARINE EXPORT CABLES

FIRST EVER OFFSHORE WIND FARM PROJECT FOR THE LEONARDO DA VINCI CABLE-LAYING VESSEL

Milan, 17 November 2020 - Prysmian Group, world leader in the energy and telecom cable systems industry, has signed a preferred bidder agreement with RWE Renewables Sofia Offshore Wind Farm, the world's second biggest offshore wind farm developer, for the development of the turn-key high voltage submarine and land export cable connection worth over €200 million for Sofia Offshore Wind Farm project. The finalization of the contract is subject to final negotiations and to the final investment decision by RWE of the Project.

Located 195 km from the nearest point on the UK's North East coast, the 1.4 GW Sofia offshore wind farm, sited on the shallow central area of the North Sea known as Dogger Bank, is RWE Renewables' largest single offshore wind project under development so far, as well as the farthest from shore. Once it becomes operational in 2025, it will be able to generate enough power to supply over 1.2 million homes with renewable electricity.

"We are honoured to support RWE Renewables in this important offshore wind project, providing our state-of-the- art cable technology to support UK's sustainable energy system towards the country's net-zero emission target," stated Hakan Ozmen, EVP Projects BU, Prysmian. "The development of grid infrastructures for the transmission and distribution of electric power from renewable sources is strategically important, and positions Prysmian as the leading company for the energy transition."

With the contract signature and notice to proceed both expected in Q1 2021, Prysmian Group will be responsible for the design, supply, installation and commissioning of an HVDC symmetrical monopole cable system that will connect Sofia's offshore converter station with the onshore converter station in Teesside. The project involves more than 440 km of ±320 kV submarine export cables with XLPE insulation, and 15 km of ±320 kV land cables with P-Laser insulation. All submarine cables will be produced at Prysmian Group's centre of excellence in Pikkala (Finland), while the land cables will be manufactured at the Gron plant (France). The offshore cable operations will be performed using the Leonardo da Vinci, Prysmian's new cutting-edge cable laying vessel that is the most capable in the market and is able to offer enhanced project versatility. Commissioning of the project is scheduled for late 2024.

Prysmian is very active in Northern Europe, and particularly in the entire Northern Sea region. The Group has extensive expertise in offshore wind farm connections and interconnectors and an extended ability to offer turn-key solutions and services to better serve the growing offshore wind market. Some of the milestone offshore wind farm projects are: Hornsea 2, Wikinger, Ostwind 1, Borssele III & IV, Horns Rev 3, Merkur, BorWin2 & BorWin3, Helwin1 & Helwin2, SylWin1 and DolWin3.

Prysmian Group

Prysmian Group is world leader in the energy and telecom cable systems industry. With almost 140 years of experience, sales exceeding €11 billion, about 29,000 employees in over 50 countries and 106 plants, the Group is strongly positioned in high-tech markets and offers the widest possible range of products, services, technologies and know-how. It operates in the businesses of underground and submarine cables and systems for power transmission and distribution, of special cables for applications in many different industries and of medium and low voltage cables for the construction and infrastructure sectors. For the telecommunications industry, the Group manufactures cables and accessories for voice, video and data transmission, offering a comprehensive range of optical fibres, optical and copper cables and connectivity systems. Prysmian is a public company, listed on the Italian Stock Exchange in the FTSE MIB index.

Media Relations

Investor Relations

Lorenzo Caruso

Cristina Bifulco

Corporate and Business Communications Director

Investor Relations Director

lorenzo.caruso@prysmiangroup.com

mariacristina.bifulco@prysmiangroup.com

This press release is available on the company website at www.prysmiangroup.comand in the mechanism for the central storage of regulated information provided by Spafid Connect S.p.A. at www.emarketstorage.com.

Disclaimer

Prysmian S.p.A. published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2020 16:58:08 UTC


© Publicnow 2020
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Sales 2020 10 218 M 12 345 M 12 345 M
Net income 2020 231 M 279 M 279 M
Net Debt 2020 2 016 M 2 436 M 2 436 M
P/E ratio 2020 34,1x
Yield 2020 1,51%
Capitalization 7 319 M 8 848 M 8 843 M
EV / Sales 2020 0,91x
EV / Sales 2021 0,84x
Nbr of Employees 29 000
Free-Float 91,6%
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Average target price 28,09 €
Last Close Price 27,80 €
Spread / Highest target 22,3%
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Managers and Directors
NameTitle
Valerio Battista Chief Executive Officer, Executive Director & GM
Claudio de Conto Chairman
Andrea Pirondini Chief Operating Officer
Pier Francesco Facchini CFO, Executive Director & Head-IT
Marcelo de Araujo Andrade Senior Vice President-Research & Development