Nexans is a pioneer in the design and manufacturing of cables systems and services, specialising in the offshore wind market and subsea interconnectors.
To secure Nexans’ cable deliveries to transmission system operator TenneT's North Sea projects, Eksfin in collaboration with Societe Generale provides a EUR 290 million performance guarantee.
Nexans’ legal entity in Norway
To support the delivery of subsea power cables for Germany’s renewable energy expansion, Export Finance Norway (Eksfin) worked with Societe Generale to provide a performance guarantee to Nexans.
The guarantee is issued through Nexans’ legal entity in Norway. The total guarantee amount is EUR 290 million, shared equally between Eksfin and Paris-based bank Societe Generale, meaning each covers up to EUR 145 million.
Offshore wind parks
Nexans will deliver and install subsea power cables that will transport energy from offshore wind parks
The guarantee supports a framework agreement signed in May 2023 between TenneT and Nexans, valued at an initial EUR 1.7 billion.
Under this agreement, Nexans will deliver and install subsea power cables that will transport energy from offshore wind parks in the North Sea to the German market via the grid projects BalWin3, LanWin 4 and LanWin 2.
Key stakeholder statements
"Winning contracts on this scale depends on our ability to source appropriate bank guarantees. As an export-oriented company, having Eksfin’s large risk capacity on our side is a strong competitive advantage," said Lars Christian Eriksen, CEO of Nexans Norway.
Eksfin Managing Director Ms. Tone Lunde Bakker added: "Supporting Norwegian suppliers to international offshore wind projects is a key strategic priority for Eksfin. It is our mission to help more Norwegian exporters win contracts to renewable energy projects globally. I am delighted that together with Nexans, we have succeeded in securing yet another large export contract for the Norwegian wind industry in this important market.”
Societe Generale's Head of Trade Services, Marie-Laure Gastellu, commented: "Our collaboration with Eksfin has helped to come up with this solution to support Nexans’ projects. This transaction illustrates the bank’s capacity to develop complex and tailored solutions for our clients in strategic sectors such as the offshore wind energy.”
