A subsidiary of Hellenic Cables plans to build a new, cable manufacturing facility in Baltimore, Maryland, that will see an investment of some $300 million.

Per media reports, the subsidiary, Hellenic Cables Americas, will use the plant to manufacture underwater and underground cables for offshore wind and grid modernization applications. The project was estimated to cost about $300 million. Of note, the project is being bolstered by Hellenic Cables Americas successfully getting a transferable tax credit from the U.S. Department of Energy (DOE) up to $58 million for the project.

Hellenic Cables Americas plans to acquire a 38-acre waterfront property at Wagners Point in Baltimore once its ongoing due diligence process is completed, which could be as soon as this month.

News about the project came from Belgium’s Cenergy Holding, whose industrial portfolio includes Hellenic Cable and Corinth Pipeworks. Hellenic Cable is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables.