The European Investment Bank (EIB) has granted a €200m loan facility to Nexans to accelerate its role as a cable supplier to support the energy transition.
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.
In 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 digitisation 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 optimise cable performance and design, improve fire safety and enhance circular economy through the use of recycled materials and recycling.
EIB vice-president Ambroise Fayolle said: “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.”