High Voltage Direct Current (HVDC) transmission is central to the global energy transition. By enabling long-distance, low-loss electricity transfer — especially from offshore wind and solar — HVDC is becoming a multi-billion-dollar investment theme.
This HVDC Project Tracker 2025 compiles the most important projects worldwide, highlighting capacities, project stages, and the companies involved. It serves as a hub for investors seeking exposure through listed suppliers, utilities, and EPC contractors.
Quick Summary
- The global HVDC project pipeline is accelerating, driven by renewables and interconnectors.
- Key listed companies: Siemens Energy (ETR: ENR), Hitachi Energy (TYO: 6501), Prysmian (BIT: PRY), Nexans (EPA: NEX), NKT (CPH: NKT).
- Landmark projects include SunZia, Soo Green, and ADNOC’s offshore HVDC.
- Investors should track orderbook growth, regional policy support, and supplier exposure.
Global HVDC Project List 2025
| Project Name | Stage (2025) | Capacity (MW) | Region | Companies Involved (Listed) |
|---|---|---|---|---|
| SunZia HVDC | Under Construction | 3,000 | US (Southwest) | Hitachi Energy (TYO: 6501), Quanta Services (NYSE: PWR) |
| Soo Green Link | Permitting | 2,100 | US (Midwest) | Siemens Energy (ETR: ENR), Prysmian (BIT: PRY) |
| Greenlink Interconnector | Construction | 500 | Ireland–UK | Nexans (EPA: NEX), Siemens Energy (ETR: ENR) |
| NordLink | Operational | 1,400 | Norway–Germany | Nexans (EPA: NEX), ABB/Hitachi Energy (TYO: 6501) |
| North Sea Link | Operational | 1,400 | Norway–UK | Prysmian (BIT: PRY), Siemens Energy (ETR: ENR) |
| Ultranet | Construction | 2,000 | Germany | Siemens Energy (ETR: ENR), TransnetBW (private) |
| IFA2 | Operational | 1,000 | UK–France | Nexans (EPA: NEX), GE Vernova (NYSE: GE) |
| Pugalur–Trichur | Operational | 2,000 | India | Hitachi Energy (TYO: 6501), ABB Ltd (SWX: ABBN) |
| Itaipu HVDC | Operational | 6,300 | Brazil–Paraguay | Siemens Energy (ETR: ENR), GE Vernova (NYSE: GE) |
| ADNOC Offshore HVDC | Construction | 3,200 | UAE | Hitachi Energy (TYO: 6501), KEPCO (KRX: 015760) |
(For deep dives: see individual project pages below.)
Upcoming HVDC Projects (2025–2030)
- Soo Green Link (US) – Underground HVDC along rail corridors.
- SunZia (US) – Largest renewable-linked HVDC project under construction.
- ADNOC Offshore HVDC (UAE) – First large-scale subsea HVDC in the Middle East.
- Greenlink Interconnector (Ireland–UK) – Boosting European grid resilience.
- China & India pipeline – Multiple >5 GW projects planned, mostly state-owned (limited foreign equity exposure).
Notable Projects by Company
Siemens Energy (ETR: ENR)
- Major supplier in Soo Green, Ultranet, North Sea Link.
- Benefits from Europe’s interconnector buildout.
Hitachi Energy (TYO: 6501)
- Leading HVDC converter supplier.
- Active in SunZia, ADNOC, Pugalur.
Prysmian (BIT: PRY)
- Submarine cable market leader.
- Core projects: North Sea Link, Soo Green.
Nexans (EPA: NEX)
- Strong position in subsea interconnectors.
- Involved in NordLink, IFA2, Greenlink.
NKT (CPH: NKT)
- Smaller but focused HVDC cable player.
- Pipeline includes North Sea renewables interconnectors.
Investor Takeaways
- Diversification: HVDC projects spread across utilities, EPCs, and suppliers.
- Orderbook visibility: Siemens, Hitachi, Prysmian, Nexans, and NKT are key listed exposures.
- Risks: Policy delays, permitting, and high upfront capital requirements.
- Opportunities: Accelerating offshore wind and cross-border interconnectors.
FAQ
Q: Which are the biggest HVDC projects in 2025?
The largest include SunZia (3 GW, US), ADNOC Offshore HVDC (3.2 GW, UAE), and Itaipu (6.3 GW, Brazil-Paraguay).
Q: Which companies are most exposed to HVDC growth?
Siemens Energy, Hitachi Energy (Hitachi Ltd), Prysmian, Nexans, and NKT are leading HVDC suppliers.
Q: Are HVDC projects investable directly?
Most HVDC projects are utility-owned and not directly investable. However, investors can gain exposure via listed suppliers such as Siemens Energy, Prysmian, and Nexans.
Q: What is the investment case for HVDC?
HVDC enables long-distance renewable energy transmission, supporting decarbonization. The growth outlook is strong, but projects face permitting, cost, and policy risks.