Nexans enters into €200 million loan facility with EIB – an enabler to accelerate Nexans’ ability to lead energy transition – EQ Mag Pro

• EIB grants €200 million in funding to accelerate Nexans’ active role in the world’s energy transition and commitment to contribute to carbon neutrality by 2030.

• Nexans activities are in close alignment with the goals of European Green Deal.

The European Investment Bank (EIB) has granted a €200 million loan facility to Nexans to accelerate its active role in the world’s energy transition and commitment to contribute to carbon neutrality by 2030[1]. The EIB loan covers financing of R&D and new product developments, investments aiming at increasing digital plants and energy efficiency transformation as well as the expansion of Halden plant in Norway.

EIB grants €200 million in funding to accelerate Nexans’ active role in the world’s energy transition and commitment to contribute to carbon neutrality by 2030.
Nexans activities are in close alignment with the goals of European Green Deal.

The European Investment Bank (EIB) has granted a €200 million loan facility to Nexans to accelerate its active role in the world’s energy transition and commitment to contribute to carbon neutrality by 2030[1]. The EIB loan covers financing of R&D and new product developments, investments aiming at increasing digital plants and energy efficiency transformation as well as the expansion of Halden plant in Norway.

Electrification is a key step of the world’s energy transition and is gaining traction within the EIB as Europe is engaging in further decarbonation. Early February 2021, Nexans announced its ambition to add two new lines for high voltage DC export cables manufacturing at its Halden plant by 2024. These HVDC cables are a key enabler of the European energy transition as they are key component of building interconnections between European countries to mitigate intermittence of energy from renewable sources.

Since 2020, Nexans has been working to accelerate its transformation into a data-driven company. The ongoing digitization of the Group’s factories will further improve the efficiency of its production lines, paving the way for predictive maintenance and reducing carbon emissions. The EIB financing will support part of the planned associated investments, helping Nexans to meet its commitments to contribute to carbon neutrality by 2030.

Finally, the loan facility will enable Nexans to intensify R&D projects aiming to optimize cable performance and design, improve fire safety and enhance circular economy through the use of recycled materials and recycling. The financing will also scale up innovations from Nexans’ Cloud Digital Factory and Design Labs in the areas of digital services and connected solutions such as INFRABIRD™ and VIGISHIELD™ which are concrete examples of the Group’s transformation from products to systems and solutions.

Christopher Guérin, CEO of Nexans, said: “We are pleased to be able to boost our investment and innovation activities to amplify electrification thanks to the commitment from EIB and the strong support they are showing. This financing facility will allow us to lead the energy transition of Europe in a sustainable way by strengthening our innovations and ability to reduce carbon emission in our operations.”

“Nexans’ ambitions and strategy are fully aligned with the EIB’s priorities on climate, environment and innovation. For the European Investment Bank, supporting industries taking action to address the climate emergency is key” stated EIB Vice-President Ambroise Fayolle. “The expansion of Nexans’ plant in Halden serving infrastructure for renewable energies, as well as the digital transformation of the production tool, are some tangible illustrations of Nexans’ clear roadmap to which the EIB’s financing will be allocated”.

About the EIB

The EIB is working to ensure the EU is on the cutting edge of the next wave of innovation. As the EU climate bank, it aims to encourage the emergence and deployment of new technologies to meet ongoing challenges such as the energy transition to a new green growth model and to help European innovators become world leaders in their areas of activity.

The EIB is one of the world’s leading climate action lenders. Of the over €10 billion invested by the EIB in France in 2020 (France was the second-largest beneficiary of financing after Italy), 48% went to projects combating or mitigating climate change.

About Nexans

For over a century, Nexans has played a crucial role in the electrification of the planet and is committed to electrify the future. With around 25,000 people in 38 countries, the Group is leading the charge to the new world of electrification: safe, sustainable, renewable, decarbonized and accessible to everyone. In 2020, Nexans generated 5.7 billion euros in standard sales.

The Group is a leader in the design and manufacturing of cable systems and services across four main business areas: Building & Territories, High Voltage & Projects, Industry & Solutions and Telecom & Data.

Nexans is the first company of its industry to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group pledged to contribute to carbon neutrality by 2030.

Nexans is listed on Euronext Paris, compartment A.

Source: eib