Eksfin provides performance guarantee for Nexans milestone contract with Germany’s TenneT

Nexans is a global leader in the design and manufacturing of cables systems and services, specializing 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*.

Cooperation between Eksfin and Societe Generale

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 the Paris based bank Societe Generale, meaning each covers up to EUR 145 million.

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.

Our collaboration with Eksfin has helped to come up with this solution to support Nexans’s projects, Societe Generale’s Head of Trade Services, Marie-Laure Gastellu commented. 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.

*A performance guarantee secures a counterparty against losses in the event that a supplier fails to fulfil his contractual obligations. Typically, the exporter’s bank applies to Eksfin on behalf of the exporter to share the risk under the guarantee.

About Nexans

For over a century, Nexans has played a crucial role in the electrification of the planet and is committed to electrifying the future. With approximately 28,500 people in 41 countries, the Group is paving the way to a new world of safe, sustainable and decarbonized electricity that is accessible to everyone. In 2024, Nexans generated €7.1 billion in standard sales. The Group is a leader in the design and manufacturing of cable systems and services across four main business areas: PWR-Transmission, PWR-Grid, PWR-Connect and Industry & Solutions. Nexans was the first company in its industry to create a Foundation supporting sustainable initiatives, bringing access to energy to disadvantaged communities worldwide. The Group is recognized as a global leader on climate action and has committed to Net-Zero emissions by 2050 aligned with the Science Based Targets initiative (SBTi).

Nexans. Electrify the Future.

Nexans is listed on Euronext Paris, compartment A. For more information, please visit www.nexans.com