EIB Backs French Cable Maker with $290M Investment

The European Investment Bank (EIB) has provided $293.4 million (€250 million) in financing to French cable maker and services provider Nexans to support its research, development and innovation programs for 2024-2029, together with some industrial investments.

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.

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.

Also, the funding will support strengthening of the Charleroi, Erembodegem and Calais sites, with a comprehensive investment program to facilitate growth in offshore wind and subsea interconnections. This project was announced in September 2024.

In addition, Nexans will use the funding for 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, as well as 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 financing is structured over two contracts, including a $223 million (€190 million) loan with a guarantee under the InvestEU program, which backs innovation, sustainability and competitiveness in strategic sectors of the EU economy.

This EU support enables the EIB to maximize its commitment to Nexans’ research, development and innovation, together with its industrial and recycling investments. A second, $70.3 million (€60 million) loan comprises the remainder of the financing.

“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,” added Christopher Guérin, CEO of Nexans.