Eland Cables secures first HSBC UK green financing

In a joint press release with HSBC UK, it was announced that Eland Cables is the first company to benefit from a new green financing vehicle, titled Sustainability Improvement Facilities, securing £70 million.

The exciting part of the financing instrument is that it is designed to reward businesses for transitioning to a more sustainable economy by linking the cost of capital to their EcoVadis Sustainability Rating. For Eland Cables, already holding Silver medal status we then immediately demonstrated our commitment to excellence by working through the reassessment process and achieving Gold Medal status. A gold rating places the company in the top 5 percent of companies assessed.

Eland Cables will use the funding to continue pursuing opportunities across electrification, digitalisation and green energy; and support ongoing and future in-house sustainability projects.

JS Pelland, our Executive Director, said: “This funding from HSBC UK will help us to make significant strides with our sustainable practices. The demand for sustainable solutions spans industries like renewable energy, automation, and manufacturing, and has seen immense growth for our business. We’re extremely proud of our sustainability efforts, along with those of our supply chain, as we continue to drive progress in our industry.”

Charlie Hoborough, Relationship Director at HSBC UK, added: “Eland Cables has not only achieved remarkable business growth but has also integrated sustainable practices through its operations. We are thrilled to support Eland Cables with funding that will unlock even greater potential.”

Deborah Graham-Wilson, Head of Communications and ESG, commented:  “We’re incredibly proud that our dynamic company-wide commitment to sustainability is helping us grow as a business.  Over the years we’ve seen our EcoVadis rating climb from silver to now gold medal status, reflecting the work we’ve done across the ESG landscape.  As much as we’ve made active environmentally-positive strides, and place paramount importance on ethical operations, we recognise the need for continuous improvement.”

For more information, please contact media@elandcables.com