Nexans Secures Loan Guarantees for Moray West Cable Contract

Business & Finance

May 2, 2023, by Nadja Skopljak

Nexans Norway has secured NOK 2 billion (around GBP 155 million) in loan guarantees from Export Finance Norway (Eksfin) that will be used for a UK export cable contract.

The transaction covers the export and installation of high-voltage subsea cables for the Moray West offshore wind farm off the coast of Scotland.

“Having Eksfin on our team and being able to offer financing and loan guarantees to our customers is a major strength and competitive advantage in our export activities,” said Nexans Norway’s Managing Director Ragnhild Katteland.

With this, Eksfin’s global portfolio of loans and guarantees covering Norwegian exports to offshore wind projects has swelled to NOK 15 billion since 2019.

In this project, Eksfin said it was working with a large loan syndicate where Crédit Agricole CIB acts as financial advisor and arranger of the loan facilities to Moray West.

“Financing Norwegian deliveries to international offshore wind projects is a key strategic priority for us. I am happy that, together with Nexans, we have succeeded in securing yet another big export contract for Norwegian wind industry in this important market,” said Eksfin Managing Director Tone Lunde Bakker.

“The transaction also strengthens our relationship with Ocean Winds, one of the world’s leading offshore wind developers. We would like to help many more Norwegian suppliers win business in these kinds of renewable energy projects. It’s good for business and good for the planet.”

The Moray West project is located off the east coast of Scotland and is owned by Ocean Winds, the joint venture between ENGIE and EDP Renewables.

The 882 MW offshore wind farm will feature 60 turbines set to be installed by 2025. Nexans will manufacture the cables at its factory in Halden and install them using its own dedicated cable layer vessels.