£30 million boost drives JDR Cables’ growth

A £30 million UK Export Finance (UKEF) guarantee is set to accelerate international projects for JDR Cables, boosting its role in renewable energy and offshore wind.

Bosses at the subsea power cable supplier say the funding will help “expand operations” by securing major contracts in Europe and the US, enhancing its market presence and enabling the company to “lead the energy transition” and the “global push towards net-zero”.

The financial backing, provided by HSBC UK, Societe Generale and Bank Gospodarstwa Krajowego (BGK) under an 80 per cent UKEF guarantee, allows JDR to deliver innovative floating wind projects, a growing sector in countries with deeper waters.

Monika Cupiał-Zgryzek, chief executive officer at JDR and TELE-FONIKA Kable, said: “We are proud to be at the forefront of the global renewable energy transition.

“The support from UK Export Finance is pivotal in enabling us to expand our operations and meet the growing demand for high-quality, high-voltage subsea and land cables.

“This investment not only strengthens our market position but also underscores our commitment to innovation, job creation, and the decarbonisation of the energy sector.

“As we continue to grow, we remain dedicated to contributing to the UK’s leadership in offshore wind manufacturing and the global push towards net-zero emissions by 2050.” 

Craig Norbury, business development manager, HSBC UK Global Trade Solutions, added: “We strive to support UK businesses who have ambitions to grow internationally, including when we can achieve this through partnerships with others.

“In this instance, the fusion of JDR’s sector capability, UK Export Finance’s guarantee and HSBC’s global reach and presence in local markets has proved a winning combination, supporting JDR in bringing their ambitions to fruition.” 

This marks the third time UKEF has supported JDR and follows a £100 million loan in 2022 to construct a “groundbreaking” 69,000sq metre subsea power line factory at Cambois in Northumberland. Set to create 171 jobs, the facility will be the UK’s first capable of producing high-voltage subsea cables from start to finish, strengthening the country’s offshore wind manufacturing leadership.

JDR's projects align with the UK government’s mission to position the nation as a ‘clean energy superpower’, with UKEF pledging £10 billion in green finance by 2029.

Gareth Thomas, UK minister for services, small business and exports, added: “This deal supports UK export capacity and leadership in the renewables sector.

“UKEF’s latest financing for JDR Cables shows what the government is doing to back British businesses leading the energy transition and supporting skilled jobs around the country.” 

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