Hellenic Cables Americas has been allocated a $58m tax credit for its planned cables factory in Maryland in the US.
Cenergy Holdings’ US subsidiary, Hellenic Cables Americas, intends, subject to a final investment decision, to build a $300m facility in Baltimore that will make subsea and underground cables for offshore wind and power grid applications.
Hellenic Cables Americas successfully applied to the Department of Energy and received an allocation letter from the Internal Revenue Service, granting its request for a Qualifying Advanced Energy Project transferable tax credit (IRA 48C) up to $58m for the Baltimore factory.
As a first step toward the implementation of this project, Hellenic Cables Americas intends to acquire a 38-acre waterfront property at Wagners Point, upon successful completion of an extensive due diligence process during the last several months.
Subject to customary approvals, this transaction is expected to be completed within the next eight weeks.