Nexans Norway has confirmed a contract to supply and install onshore and offshore cables for Total and SSE Renewables’ 1075MW Seagreen offshore wind farm off the coast of Scotland.
The deal covers design, engineering, production and installation of high-voltage transmission cables and is supported by guarantee coverage from GIEK (The Norwegian Export Credit Agency) amounting to around Nrk1.6bn (€152m).
Nexans Norway plans to use its new cable-laying vessel Aurora for the project.
GIEK is also guaranteeing parts of the financing of the vessel, which is currently under construction at Ulstein Verft in Norway.
Nexans Norway chief executive Ragnhild Katteland said: “GIEK has contributed financially to the development of a number of projects where we have supplied cables.
“This has been important for project realisation and of great support to us as an exporter of Norwegian competence and technology to the global market.”
GIEK chief executive Wenche Nistad said: “We are working on various offshore wind projects and are proud to be contributing to financing renewable energy production.
“This offshore wind farm is an important low-carbon infrastructure project for Scotland and the UK, and will deliver additional renewable energy to meet net zero goals.
“While GIEK’s ability to strengthen banking capacity can help Norwegian suppliers win bigger contracts, contributing to the green transition is a positive dimension which comes on top of that.”
Norwegian Minister of Trade and Industry Iselin Nybo said: “I would very much like to congratulate Nexans Norway for winning yet another supply contract for a major offshore wind project.
“A number of Norwegian companies are becoming increasingly visible in this sector.
“When GIEK’s guarantees contribute to contracts for Norwegian exporters, this is very gratifying.”
Danish export credit agency EKF is also participating in the project financing Seagreen alongside a syndicate of international banks with a £304m (€340m) guarantee.