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Nexans enters into €200 million loan facility with European Investment Bank

960 640 Stuart O'Brien

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.

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”.

EIB pledges €3.4bn for climate action and clean energy

960 640 Stuart O'Brien

€3.4 billion of new financing has been approved by the European Investment Bank (EIB) to accelerate the shift towards renewable energy and sustainable transport, corporate innovation, improved housing, education and communications.

€2 billion to harness wind and solar power

The bank’s Board of Directors of the EIB approved financing for the development of renewable energy projects in France and Germany, the increase the use of solar power by home owners across Spain, wind power in Ireland, upgraded energy distribution in Italy, and a pioneering photovoltaic plant that uses batteries and hydrogen to store energy.

€700 million to improve public transport

The EIB also agreed to back the acquisition of a fleet of hydrogen powered trains including the installation of hydrogen refuelling facilities in the Netherlands and to upgrade regional rail services in Germany. The EU Bank also approved financing to increase use of renewable energy at airports across Spain.

€720 million for COVID-19 economic resilience, business investment and corporate innovation

As part of the rapid response to COVID-19, the EIB Board agreed new financing to accelerate investment by companies most impacted by the pandemic in the Netherlands, Belgium and Luxembourg.

The EIB also backed support for corporate research and development in Germany, expansion of online digital business activity in France, and backing for climate related investment by companies across Poland.

€837 million for education, housing, communications, water and sustainable urban investment

The EIB approved investment to construct and modernise energy efficient social and affordable housing in northern Italy, upgrade urban and regional infrastructure in the Czech Republic, and improve communications in Poland and North Africa.

Financing also went to strengthening the supply of drinking water in Paris and upgrade drinking water supply and wastewater treatment in Vilnius.

Technical education across the Ukraine will be improved by the modernisation of 13 vocational education and training centres agreed by the EIB today.

Overview of projects approved by the EIB Board

“The green transformation of the global economy gathers speed. The green energy and sustainable transport projects approved by the EIB, the EU’s climate bank, today demonstrate the vision, ambition and partnership needed to slash greenhouse gas emissions this decade and beyond. I am thrilled that this week the European Union agreed to be climate-neutral by 2050. Tomorrow President Biden will host world leaders and renew the shared determination to fight the climate crisis. The return by the US to the community of countries committed to the Paris Agreement goals and to climate action is hugely welcome news, an essential and urgent step toward multiplying the effect of individual actions through global cooperation”, said Werner Hoyer, President of the European Investment Bank.