MILAN, Aug 2 (Reuters) - Italy's Prysmian PRY.MI said on Friday...

MILAN, Aug 2 (Reuters) - Italy's Prysmian PRY.MI said on Friday a contract it secured in Australia for a new high voltage power interconnector was worth around 600 million euros ($650 million).

The contract with Marinus Link Pty, which is developing the interconnector between the state of Victoria and the island of Tasmania, finalises a preliminary agreement the two companies announced in 2023.

WHY IT'S IMPORTANT The new interconnector will help Australia meet its emissions reduction targets by saving up to 70 million tonnes of CO2 equivalent by 2050, Prysmian said.

BY THE NUMBERS The infrastructure, with a capacity of 750 megawatts for the first stage, is aimed at facilitating the flows of electricity, including from renewable sources, and telecommunications between the two states, with 345 kilometres of cable, both undersea and underground.

Completion is set for 2030. As part of the contract Prysmian will design, test, supply and install a high-voltage (HVDC) cable system, covering both submarine and land sections, the company said.

CONTEXT The annoucement comes after earlier this week Prysmian, the world's largest cable maker, entered exclusive talks with Spanish grid operator Red Electrica for an energy transmission project to be worth over 500 million euros to connect the island of Mallorca with the mainland. ($1 = 0.9259 euros)