Cable supplier secures £70m sustainability-linked funding package

Doncaster-based Eland Cables will use the funding to grow its international customer base in projects across electrification, digitalisation and green energy.

The funding will also increase cash flow alongside financing ongoing and future in-house sustainability projects to support decarbonisation within the business.

It is the first business to receive a HSBC UK Sustainability Improvement Loan. This facility is designed to help businesses transition to a more sustainable economy by linking the cost of capital to their EcoVadis Sustainability Rating.

Eland Cables has an EcoVadis Gold rating for its sustainability efforts, placing the business in the top five per cent of companies assessed, and enabling it to qualify for HSBC UK's new Sustainability Improvement Loan.

JS Pelland, executive director at Eland Cables, 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."

Eland Cables set science-based targets in 2021 to reduce operational and production carbon emissions.

To meet these targets, the business implemented green energy initiatives at all its sites, including the installation of solar panels on rooftops, switching its HGV fleet to sustainable HVO biofuels, and implementing zero-landfill-waste operations sites. It also launched a cable recycling plant featuring state-of-the-art equipment to strip, separate and granulate the material components from waste cables.

In 2023, Eland reported reduction of absolute emissions by 30.55 per cent, and a reduction in emission intensity by 24.8 per cent. All its sites are fully powered by 100 per cent renewable energy.