Prysmian Enters Cooperation Agreement with Rosseti
The agreement, signed during the Italy-Russia business forum, focuses on technological cooperation in the field of power transmission and distribution in Russia. Prysmian's target is to strengthen presence in Russia following the recent opening of a factory in Russia, involvinf an investment of $55 M.
Milan, 26 November 2013 – On the occasion of the Italy-Russia Business Forum, Trieste, Prysmian Group signed a technical cooperation agreement with JSC “Rosseti”, Russia's largest power grid company, to develop power transmission and distribution technology in Russia.
The agreement, signed by Valerio Battista, Prysmian Group CEO, and Oleg Budargin, JSC “Rosseti” CEO, determines development prospects regarding the exchange of information in order to analyse and develop solutions for power transmission systems with voltages of up to 500 kV. The systems in question include high voltage cables as well as joints, terminations and grid monitoring equipment. One of the objectives of this collaboration is to develop post-installation support systems capable of ensuring the continuity of grid operation through prompt intervention and prevention of failures.
"This agreement confirms Prysmian as a partner of JSC “Rosseti”, a company engaged in the construction and modernisation of electric power infrastructure in Russia", said Valerio Battista. "Prysmian will make available its array of technologies and know-how developed through years of international experience of constructing power grids around the world. Together we will study solutions that will let “Rosseti” optimise its investments, while augmenting its efficiency and reducing environmental impact."
Investments in Russia's electricity grids have seen a major revival in recent years, and are expected to carry on growing in the medium term. This is behind Prysmian's decision to expand in this country, considered a high-growth strategic market. The Group has been recently involved in building high voltage grids in St. Petersburg and in upgrading the transmission grid in Moscow, and it has also supplied cables of up to 330 kV for the 30 most important Russian power transmission projects of recent years.
As part of a $ 55 million investment in the Russian market to start local production of medium and high voltage cables, Prysmian has recently inaugurated a new factory in Rybinsk in the Yaroslavl region, completing another step in its expansion plans in this country. After the acquisition in 2009 of Rybinskelectrocabel, an established Russian cable manufacturer, the Group’s expansion in Russia continued following the merger between Prysmian and Draka, with the integration in 2011 of the St. Petersburg’s Neva Cable factory, which makes copper and optical telecom cables.
The Rybinsk plant, which also produces cables for the Oil&Gas industry, fire-resistant low-smoke-zero-halogen building wires and cables for industrial applications, will cover, therefore, the full range of applications in the energy cables business with 35 kV medium voltage cables and 330 kV extra high voltage cables with cross-sections of up to 2,500 mm2 and insulated with cross-linked polyethylene (XLPE). The signing of the technology development agreement with Rosseti, together with the inauguration of this new industrial facility, marks a key stage in the Group's growth plans for the Russian market. The development of local production, undoubtedly, gives Prysmian a competitive edge and will help enhance its presence in this strategic high-potential market.
For more information, visit www.prysmiangroup.com