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Nexans secures Seagreen supply

By: Tom Russell 08/06/2020 GIEK

Cables General

Nexans Norway has been commissioned to design, engineer, produce and install cables for the Seagreen offshore wind farm, being developed off the coast off Scotland.

The scope covers high-voltage transmission cables both offshore and on land. Nexans plans to use its new cable-laying vessel Nexans Aurora for the project, 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,” said Nexans Norway’s CEO Ragnhild Katteland.

The Seagreen offshore wind farmis a 1,075 MW project is located 27 km off the Angus Coast in the Firth of Forth, off the coast of Scotland and will be developed and operated by Seagreen Wind Energy Limited. Once constructed, the wind farm will be the largest in Scotland and Phase One is expected to provide low carbon energy for around one million homes.

Norwegian Export Credit Guarantee Agency GIEK is providing guarantee coverage for contract, which amounts to around NOK 1.6 billion. Danish export credit agency EKF is also participating in the wind farm's project financing, alongside a syndicate of international banks. GIEK is also guaranteeing for parts of the financing of this vessel, which is currently under construction at Norway’s Ulstein Verft.

“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,” said 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.

For more information on offshore wind farms worldwide, click here.

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Nexans secures Seagreen supply

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