European Investment Bank Provides €250 Million Financing to Nexans

Strategic Insights -

The European Investment Bank (EIB) has provided a €250 million financing to Nexans, a global leader in cable system design, manufacturing, and associated services, to support its research, development, and innovation programmes for 2024-2029, along with some industrial investments. The financing will enable Nexans to speed up its investments in its research and development programme, as well as in its cable production and copper recycling capacities, optimising the use of raw materials and developing the circular economy. This financing is also part of the EIB's support for REPowerEU, the programme to strengthen the European Union's energy autonomy.

Key Takeaways:

  • The EIB has provided a €250 million financing to Nexans for research, development, and innovation programmes for 2024-2029, as well as industrial investments.
  • The financing will enable Nexans to speed up its investments in research and development, cable production, and copper recycling, optimising the use of raw materials and developing the circular economy.
  • The 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.
  • The financing also supports Nexans' industrial investments in the strengthening of its sites in Charleroi, Erembodegem, and Calais, and the expansion of its capacities in Bourg-en-Bresse to meet growing electrification demand in France and across Western Europe.
  • The €250 million financing is structured over two contracts, including a €190 million loan with a guarantee under the InvestEU programme and a €60 million loan for the remainder of the financing.
  • The EIB's financing is part of the bank's support for the REPowerEU programme to strengthen the European Union's energy autonomy and drive the energy transition by 2050.

Statistics:

  • The EIB has committed €250 million to support Nexans' research, development, and innovation programmes for 2024-2029.
  • The financing will increase Nexans' copper wire production by more than 50% and enable the recycling of up to 80,000 tonnes of copper a year.
  • The EIB's financing is part of its broader commitment to support climate action and the environment, with almost 60% of annual EIB Group financing supporting projects that contribute to climate change mitigation and adaptation.

Sources:

  • European Investment Bank (EIB) press release
  • Nexans press release
  • European Commission logo and press release on the InvestEU programme