General – US Politics
Italy’s Prysmian will abandon a plan to build a plant in the United States to make cables for offshore wind parks, the group said in a statement seen by Reuters on Tuesday, even as it expands its overall business in the country.
Prysmian, the world’s biggest cable maker and a major player in offshore wind transmission, does not see a strong enough market in the U.S. for wind farms, a source close to the company told Reuters.
On Monday President Donald Trump suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.
Prysmian announced the plan to build the Brayton Point plant in 2021, saying it would invest around 200 million euros ($207 million) in the project as part of two contracts worth a total of almost $900 million in the U.S.
