Ground-breaking UK Export Finance deal secures huge investment in North-East England
UK Export Finance (UKEF) and South Korea바카라 사이트™s export credit agency Korea Trade Insurance Corporation (K-Sure) have helped SeAH Wind UK to secure £367 million in Standard Chartered Bank and HSBC UK financing to build the world바카라 사이트™s largest wind monopile manufacturing facility.
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UKEF and K-Sure have secured support worth £367 million for South Korean manufacturer SeAH Steel Holding바카라 사이트™s construction of a wind tech factory near Redcar, in the Tees Valley.
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The transaction supports the creation of up to 750 jobs by 2027 and cements the North-East바카라 사이트™s place as a centre of expertise and employment for renewable energy.
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This is UKEF바카라 사이트™s first ever guarantee for inward investment issued under its 바카라 사이트˜Invest-to-Export바카라 사이트™ Export Development Guarantee product, signalling the availability of multimillion-pound support for companies investing in new UK exporting opportunities.
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The transaction is also the first joint financing between UKEF and K-Sure for a UK investment by a Korean company.
UKEF and K-Sure have secured support worth £367 million for South Korean manufacturer SeAH Steel Holding바카라 사이트™s construction of a wind tech factory near Redcar, in the Tees Valley.
The financing will secure inward investment which will create 750 jobs in Teesside and ensures construction of the world바카라 사이트™s largest wind monopile factory in Redcar.
Issuing its first ever 바카라 사이트˜Invest-to-Export바카라 사이트™ loan guarantee to secure overseas investment in British industry, UKEF together with K-Sure has ensured that SeAH Wind UK can fund the construction project 바카라 사이트“ worth almost £500 million 바카라 사이트“ with £367 million in financing from Standard Chartered Bank and HSBC UK. The facility was also eligible for longer and more flexible repayment terms as a 바카라 사이트˜Clean-Growth바카라 사이트™ facility.
Wind monopiles act as the foundation for most offshore wind turbines and are critical to the growth of the global renewable energy sector.Â
Lord Offord, Minister for Exports, said:
This landmark deal brings substantial overseas investment to Teesside and consolidates the UK바카라 사이트™s place as a world leader in offshore wind 바카라 사이트“ and renewable energy 바카라 사이트“ expertise and exporting.
Through UK Export Finance, this government is bringing in new investment for the UK바카라 사이트™s world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.
Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said:
With our long-standing partnership with UKEF and K-Sure and the Bank바카라 사이트™s commitment to accelerating the transition to net zero, we are proud to structure this financing for our important client SeAH Group and contribute to the UK supply chain in the wind sector.
Philip Lewis, Global Co-Head of Export Finance for HSBC, said:
We are delighted to have supported SeAH Wind with the combined UKEF and K-Sure backed financing for the UK바카라 사이트™s first offshore wind monopile manufacturing facility. This plays an important role in supplying the offshore wind industry and helps meet the rising demand for renewable energy.
Chris Sohn, SeAH Wind, said:
We are delighted to invest in the UK. This project is significant in that it contributes not only to the growth of UK바카라 사이트™s local economy but also global de-carbonization efforts. Our aim is to become a global leader in the offshore wind supply chain. We would like to express our gratitude to UKEF and K-Sure for their support.
SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport last summer.
The confirmed support which is now being announced will secure the project바카라 사이트™s future. The £367 million financing comprises £257 million supported by UKEF and £110 million supported by K-Sure.
This deal creates British jobs and cements Teesside바카라 사이트™s place as a centre of manufacturing expertise for renewable energy. Upon completion of the factory, SeAH Wind UK will export monopiles to US and European markets, creating up to 750 jobs by 2027 and supporting more than 1,500 jobs in the wider supply chain.
The ongoing construction has already secured a deal worth over £100 million for British Steel and will create opportunities for the UK supply chain in sectors like manufacturing, construction and logistics.
UKEF바카라 사이트™s support was provided under the Export Development Guarantee (EDG) product, which supports UK companies looking to bolster their exporting capability. Today바카라 사이트™s news highlights the availability of UKEF support for both UK and overseas companies seeking to invest in new export opportunities, with financing available based on the applicant바카라 사이트™s potential for winning overseas orders.
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