Nexans Secures €250M EIB Financing for Offshore Wind Grid Expansion
Nexans, a global leader in advanced cabling and connectivity solutions, has secured €250 million in financing from the European Investment Bank (EIB). This backing will fuel the company's research, development, and industrial investments, with a focus on offshore wind grid connection projects. The operation aligns with the REPowerEU programme, promoting electrification and decarbonisation.
The financing, structured over two contracts including a €190 million loan with an InvestEU guarantee, will support Nexans' strategic goals. Nexans CEO Christopher Guérin welcomed the renewed EIB and InvestEU support, stating it will accelerate the company's industrial and innovation strategy. The funds will cover various projects, including the construction of a new factory in Lens by 2026, increasing copper wire production and recycling. This, along with capacity expansion at the Bourg-en-Bresse site, will meet growing electrification demand in France and Western Europe.
The operation also involves strengthening the Charleroi, Erembodegem, and Calais sites. A comprehensive investment programme will support growth in offshore wind and submarine interconnections. EIB Vice-President Ambroise Fayolle highlighted Nexans' role in the energy transition, noting that this financing will boost the company's innovation and production capacities.
The €250 million financing from the EIB will enable Nexans to drive its research, development, and industrial investments, with a focus on offshore wind grid connection projects. This support will help Nexans accelerate its strategy to become a key player in sustainable electrification in Europe, contributing to the global energy transition and carbon neutrality by 2050.
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