Nexans Norway, a leading cable manufacturer, has secured a loan guarantee of NOK 2 billion from Export Finance Norway (Eksfin) for a UK export cable contract. The contract will involve the export and installation of high-voltage subsea cables for the Moray West offshore wind farm off the coast of Scotland. The Eksfin guarantee will be instrumental in facilitating the export activities of Nexans Norway and will provide a significant competitive advantage in securing future contracts.
Nexans Norway's Managing Director, Ragnhild Katteland, expressed her satisfaction with the Eksfin loan guarantee, noting the importance of being able to offer financing and loan guarantees to customers. The global portfolio of loans and guarantees covering Norwegian exports to offshore wind projects has increased to NOK 15 billion since 2019, thanks to Eksfin's efforts.
The Moray West project, owned by Ocean Winds, will be located off the east coast of Scotland and is expected to 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.
Eksfin Managing Director Tone Lunde Bakker emphasized the importance of financing Norwegian deliveries to international offshore wind projects, describing it as a key strategic priority. Bakker also highlighted the significance of the transaction in strengthening the relationship with Ocean Winds, one of the world's leading offshore wind developers, and the potential for more Norwegian suppliers to win business in renewable energy projects.
Overall, the successful securing of the contract by Nexans Norway and the Eksfin loan guarantee underscores the growing importance of renewable energy projects and highlights the role that financial institutions can play in promoting sustainable development.