The European Investment Bank (EIB) has provided €250 million in financing to Nexans, a global leader in cable system design, manufacturing and associated services. The loan will back Nexans’ research, development and innovation programmes for 2024-2029, together with some industrial investments.
These investments will cover projects including:
- The construction of a new factory in Lens by 2026, increasing copper wire production by more than 50% and recycling up to 80 000 tonnes of copper a year. This will be a major asset for strengthening the group’s industrial foothold, securing raw material supplies and boosting the circular economy. This project was announced in October 2024.
- Strengthening of the Charleroi, Erembodegem and Calais sites, with a comprehensive investment programme to support growth in offshore wind and submarine interconnections. This project was announced in September 2024.
- Capacity expansion at the Bourg-en-Bresse site to meet growing electrification demand in France and across Western Europe, particularly via the production of low-carbon medium-voltage cables. This project was announced in August 2024.
- Research and development projects aligned with Nexans’ strategy to drive the global energy transition and contribute to reaching carbon neutrality by 2050, in line with the Science Based Targets initiative (SBTi).
The €250 million financing is structured over two contracts, including a €190 million loan with a guarantee under the InvestEU programme, which backs innovation, sustainability and competitiveness in strategic sectors of the EU economy. This EU support enables the EIB to maximise its commitment to Nexans’ research, development and innovation, together with its industrial and recycling investments. A second, €60 million loan comprises the remainder of the financing.
The operation is also fully in line with the REPowerEU programme, particularly due to the importance of Nexans’ activities in promoting electrification and decarbonisation at all levels from production to end use. This programme aims to strengthen the European Union’s energy autonomy.
Nexans is a key player in the energy transition. Its state-of-the-art power cables are central to the electrification of our societies and industries and are playing a vital role in meeting EU decarbonisation targets. This EIB financing will enable the company to speed up its innovation, develop its production capacities and further secure access to copper, an important raw material. It is for these reasons that the European Union is once again backing Nexans’ investment programme.
Vice President, European Investment Bank (EIB)
This renewed EIB and InvestEU support will enable us to accelerate our industrial and innovation strategy to make Nexans a key player in sustainable electrification in Europe. With this financing, we will be able to further expand our production capacity, bolster copper recycling and innovate even more to back the energy transition and European industrial autonomy.
CEO, Nexans