International Energy Network News: According to reports, the Swiss engineering group ABB said that with the increase in the demand for submarine cables, it will invest 400 million U.S. dollars to build high-voltage cable production facilities to double its production capacity in Sweden.
Peter Leupp, head of ABB's power system department, said: "This investment will help us to promote the production capacity of cable facilities while meeting the growing demand for high-voltage submarine power cables."
Submarine cables are used in offshore wind farms to efficiently transmit power to oil and gas supply platforms.
The company said that this investment will start from 2012 to 2015.