Eiffage has secured a contract worth over 120 million euros to design and build a 1.4 GW high-voltage substation at Campus AI's Fouju site near Paris. The substation uses metal-clad insulation with a low global warming potential gas, which the companies call a first at this voltage level. The project mobilizes multiple Eiffage divisions and local subcontractors in Ile-de-France. The contract adds to Eiffage's growing backlog in energy transition infrastructure, including district heating and offshore wind work. However, the company still faces risks from its heavy exposure to French construction markets and high debt levels. The deal supports the narrative that Eiffage is shifting toward higher margin energy services, but the real test is whether large complex power projects like this one deliver on time and on budget.
