The European Investment Bank (EIB), HSBC, and Hellenic Cables have signed an agreement through the InvestEU program to support Hellenic Cables’ participation in wind energy projects across Europe.
Under the agreement, the EIB will provide a guarantee of 60 million euros to HSBC Continental Europe, enabling the latter to issue advance payment and performance bonds on behalf of Hellenic Cables.
This initiative is part of the European Wind Energy Action Plan, which was launched by the European Commission with the aim of strengthening the European wind energy sector and accelerating the transition to clean energy.
By combining the expertise of a leading European financial institution, an international banking partner, and a major European cable manufacturer, the agreement is expected to strengthen the renewable energy supply chain in Europe and help support investments in critical energy infrastructure.
Hellenic Cables, the cable division of Cenergy Holdings, is one of Europe’s leading manufacturers of subsea and terrestrial power cables. The company plays a key role in the implementation of infrastructure for offshore wind farms, electricity interconnections, and power transmission networks, helping to strengthen Europe’s energy security and achieve its carbon neutrality goals.
The agreement will support Hellenic Cables in implementing critical projects necessary for the expansion of wind energy production. At the same time, it will help strengthen Europe’s industrial base and improve the resilience and competitiveness of the wind energy value chain in Europe.
“Europe’s transition to clean energy depends on strong industrial capabilities and effective partnerships. Through InvestEU, this collaboration between the EIB, HSBC, and Hellenic Cables will support the development of strategic energy infrastructure and strengthen Europe’s leadership in the renewable energy sector,” said EIB Vice President Ioannis Tsakiris.
“This agreement is a prime example of how the public and private sectors can work together to accelerate Europe’s clean energy transition. Thanks to our close collaboration with the EIB, we are pleased to support Hellenic Cables, a European leader in the cable industry, in strengthening the wind energy supply chain and implementing critical energy infrastructure across Europe,” said Daniele Ferrero, Head of Corporate Coverage for Italy and Greece at HSBC.
““This collaboration with the EIB and HSBC, under the InvestEU program, is a strong recognition of our role in supporting Europe’s energy transition and strengthens our ability to implement critical wind energy infrastructure across the continent,”said Kostas Savvakis, general manager of Hellenic Cables.