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Nexans Norway to supply cables to large offshore wind project off the coast of Scotland supported by financing from GIEK

“I would very much like to congratulate Nexans Norway AS for winning yet another supply contract for a major offshore wind project. A number of Norwegian companies are becoming increasingly visible in this sector. When GIEK’s guarantees contribute to contracts for Norwegian exporters, this is very gratifying,” says Norwegian Minister of Trade and Industry Ms. Iselin Nybø.

The 1,075-megawatt Seagreen project is an offshore wind farm being developed by UK-based renewable energy giant SSE Renewables. The development will be a seabed-founded offshore wind farm comprising of 114 wind turbines installed over 27km off the Angus coastline in Scotland. When completed Seagreen will be Scotland’s single largest source of renewable energy, providing a significant contribution to Scotland’s net-zero ambition and enough clean, renewable energy to power 1 million homes. Offshore wind currently provides around 9% of UK electricity consumption, which is expected to rise to 30% by 2030.

Nexans Norway lands significant cable contract
Nexans Norway has won a comprehensive design, engineering, production and installation contract for Seagreen for high-voltage transmission cables both offshore and on land. GIEK’s guarantee coverage amounts to around 1.6 billion NOK. Danish export credit agency EKF is also participating in the project financing of the offshore wind farm alongside a syndicate of international banks. The company plans to use its new cable-laying vessel Nexans Aurora for the project. GIEK is also guaranteeing for parts of the financing of this vessel, which is currently under construction at Norway’s Ulstein Verft.

“GIEK has contributed financially to the development of a number of projects where we have supplied cables. This has been important for project realization and of great support to us as an exporter of Norwegian competence and technology to the global market,” says Nexans Norway’s CEO Ragnhild Katteland.
 

Offshore wind guarantees reach NOK 4 billion
“We are working on various offshore wind projects and are proud to be contributing to financing renewable energy production. This offshore wind farm is an important low carbon infrastructure project for Scotland and the UK, and will deliver additional renewable energy to meet net zero goals,” says GIEK’s CEO Wenche Nistad. “While GIEK’s ability to strengthen banking capacity can help Norwegian suppliers win bigger contracts, contributing to the green transition is a positive dimension which comes on top of that.”

GIEK has contributed NOK 4 billion (EUR 327 million) to offshore wind financing in the last six months. This covers deliveries from Norwegian suppliers Aibel, Fred Olsen Windcarriers and now also Nexans Norway that have succeeded in gaining a strong foothold in the international offshore wind market. The rapidly growing sector also promises significant opportunities for the future. According to network organization Norwegian Energy Partners, Norwegian exporters have the potential to multiply deliveries many times to NOK 50 billion within 2030. GIEK’s financing instruments will continue to contribute to their ongoing success.

Photo caption above: Artist’s impression of the cable-laying vessel Nexans Aurora currently under construction at Norwegian yard Ulstein Verft. GIEK is also helping to finance the vessel.

Contact person at GIEK:
Cecilie Grønntun, Senior Communications Adviser, Cell: (+47) 90 65 26 38

Contact person at Nexans Norway AS:
Kristin Hessen, Head of Business Intelligence, Communication & Marketing Communication, Cell: (+47) 90 87 42 08