An American subsidiary of a Belgian industrial investor has decided to pour hundreds of millions of dollars into a Baltimore manufacturing plant for offshore wind development.
Belgium’s Cenergy Holdings approved a plan July 2 for its American arm, Hellenic Cables Americas, to build a $300 million cable manufacturing plant in Wagner’s Point that will feed the construction of offshore wind developments in the region. A 38-acre waterfront plot in the industrial neighborhood has already been purchased and work is expected to begin on the plant by the end of 2024, according to a Cenergy press release. The company declined to comment on its plans but said more information would be available in August.
The first phase of the project will include a land cable manufacturing facility and total around $200 million, including the cost of the land, the company said in the announcement. Those cables will be used underground to help modernize local power grids to handle energy input from offshore wind turbines and other modern energy power sources.
The second phase, which could total the remaining $100 million of planned investment, will expand the plant to produce underwater cables based on Hellenic’s agreements with offshore wind developers in the region. Those products will connect offshore turbines to land.
Click here to read the rest of the article written by Joe Ilardi over at Washington Business Journal
