Hellenic Cables Americas is considering the construction of a new cable manufacturing facility in Baltimore, Maryland, pending a final investment decision.
The company has successfully applied to the Department of Energy and received an allocation letter from the Internal Revenue Service for a Qualifying Advanced Energy Project tax credit of up to USD 58 million for the proposed facility. As a preliminary step, Hellenic Cables Americas aims to acquire a 38-acre waterfront property at Wagners Point, Baltimore, following an extensive due diligence process over the past few months. Pending customary approvals, the transaction is anticipated to be finalized within the next 8 weeks. The prospective factory, dependent on the final investment decision, will focus on producing underwater and underground cables for offshore wind and grid modernisation purposes.
