The European Investment Bank (EIB) has approved €250 million in financing to support Nexans, a global leader in cable system manufacturing and services, enabling the company to accelerate its research and development (R&D) and industrial investments for 2024–2029. Part of the funding is backed by an InvestEU guarantee, reinforcing innovation, sustainability, and competitiveness in strategic European sectors.
The financing will support a range of projects, including the construction of a new factory in Lens by 2026, which will increase copper wire production by more than 50% and recycle up to 80,000 tonnes of copper annually. The project aims to strengthen Nexans’ industrial presence, secure raw material supplies, and promote a circular economy.
Additional investments will enhance Nexans’ Charleroi, Erembodegem, and Calais sites to support offshore wind and submarine interconnections. The Bourg-en-Bresse site will also expand its capacity to meet growing electrification demand in France and across Western Europe, particularly through low-carbon medium-voltage cable production. These initiatives align with Nexans’ R&D strategy to advance the global energy transition and contribute to carbon neutrality by 2050, in line with the Science Based Targets initiative (SBTi).
The €250 million financing is structured through two contracts: a €190 million loan backed by the InvestEU guarantee and a €60 million loan covering the remainder. This structure allows the EIB to maximize support for Nexans’ innovation and industrial growth, including copper recycling efforts.
EIB Vice-President Ambroise Fayolle highlighted the strategic importance of Nexans, stating, “Its state-of-the-art power cables are central to electrifying societies and industries, supporting EU decarbonisation targets. This financing will accelerate innovation, expand production capacities, and secure access to critical raw materials.”
Nexans CEO Christopher Guérin added, “This renewed EIB and InvestEU support enables us to advance our industrial and innovation strategy, enhance copper recycling, and strengthen Europe’s energy transition and industrial autonomy.”
The operation also supports the EU’s REPowerEU programme by promoting electrification and decarbonisation across all stages, from production to end use, contributing to Europe’s long-term energy security and sustainability goals.
Related Posts
