Italian cables and systems company Prysmian SpA (PRY.MI) said Wednesday it has secured a contract worth over $175 million for a new submarine power link between New York City and the New Jersey transmission grid, also known as the "Hudson Project."

In a statement, Prysmian said that the link will have a transmission capacity of up to 660 MW. The project is a part of a larger contract awarded to the consortium which includes Prysmian and Siemens Energy (SIE.XE).

Completion of the project is expected to occur during the third quarter of 2013.

Website: www.prysmian.com

-By Sofia Celeste, Dow Jones Newswires; +39 06 6976 6920; sofia.celeste@dowjones.com

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