Eland Cables, one of Europe’s fastest-growing electrical cable suppliers for infrastructure projects, including hyperscale data centers, has secured a first-of-its-kind green finance package from HSBC worth £70m, which is linked to its EcoVadis Gold rating for its sustainability efforts.
A gold rating places the company in the top five percent of companies assessed by EcoVadis, a global provider of sustainability ratings for companies. This in turn has led to Eland Cables being the first company to benefit from one of HSBC UK’s Sustainability Improvement Facilities, designed to reward businesses for transitioning to a more sustainable economy by linking the cost of capital to their EcoVadis Sustainability Rating.
Eland Cables will use the funding to continue pursuing opportunities across electrification, digitalization and green energy; and support ongoing and future in-house sustainability projects.
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.”
Deborah Graham-Wilson, head of ESG and communications at Eland Cables, 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 recognize the need for continuous improvement.”
Approaching business-wide sustainability measures
Eland Cables set science-based targets in 2021 to reduce their carbon emissions. To meet these targets, the business implemented green energy initiatives at all its sites, including the installation of solar panels on rooftops, and transitioned its HGV delivery fleet to sustainable biofuels. In 2023, Eland reported a reduction in absolute emissions by 30.55 percent and a reduction in emission intensity by 24.8 percent.
The business also launched a cable recycling plant featuring state-of-the-art equipment to strip, separate, and granulate the components. It handles Eland’s own cable waste and cables from customer sites, helping to support the circular economy and reuse these materials.
Find out how Eland Cables can support your data center project including your sustainability goals here.