Belgium’s Cenergy Holdings, which earlier this year announced plans to establish a cable manufacturing facility in Maryland, reports that its U.S. subsidiary, Hellenic Cables Americas, has completed its acquisition of a 38-acre property in Wagner’s Point along the Patapsco River in Baltimore, Maryland.

A press release said the plant will be used 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). An estimated 120 new manufacturing jobs will be created when the factory is fully operational, toward the end of 2026. Hellenic Cable is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables.