Prysmian Adapts Management and Boosts Supply to Meet Offshore Wind Farm Demand in Brazil
In a strategic move, Italian cablemaker Prysmian has restructured its management in Brazil and Latin America, gearing up local plants to enhance its supply to the electricity sector and prepare for the future development of offshore wind farms in the region.
Management Restructuring
Earlier this year, Raul Gil Boronat, who previously led Prysmian in Brazil, assumed the role of CEO for Latin America. In his place, Emerson Tonon, the former vice president of operations for the region, took over as the country’s new leader.
Market Demand and Expansion
Prysmian is diversifying its business to address the heightened demand in the Latin American energy sector. The company envisions increased requirements for cables used in the generation, transmission, and distribution of energy. Additionally, with the emergence of the first offshore wind projects in Brazil, there is a growing need for submarine cables to facilitate the transmission of energy from these installations.
Offshore Wind Farm Focus
“The market is buzzing with discussions about offshore wind in Brazil, and we want to assure the industry that our cable supply chain will be ready,” Boronat expressed, highlighting the company’s commitment to meeting the forthcoming demand in this sector.
Strategic Investments
Prysmian has been dedicated to enhancing its industrial plants in Espirito Santo state to augment the production of cables required for offshore wind farms. Tonon revealed that approximately half of Prysmian’s annual capital expenditure for Brazil is directed towards the preparation of its facilities, amounting to an investment of around $5 million per year to expand the capacity of its two plants.
Renewable Energy Push
Brazil has been actively promoting offshore wind farms as a viable option for generating renewable energy. According to the environment protection agency Ibama, there are nearly 100 projects for wind farms off the Brazilian coast seeking environmental licenses, with a projected installed capacity of 234 gigawatts (GW).
Regulatory Challenges
Despite the enthusiasm surrounding offshore wind projects, the absence of a regulatory framework in Brazil has presented challenges, slowing the progress of these initiatives. Boronat emphasized the need for a more expedited approach in granting concessions and conducting auctions to propel the segment forward.
The unfolding developments at Prysmian underscore the company’s progressive stance towards meeting the evolving energy demands of the Latin American market and fortifying its position in the renewables sector.
