UK Export Finance deal secures investment in North-East England
UK Export Finance (UKEF) and South Korea’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 world’s largest wind monopile manufacturing facility.
The financing will secure inward investment which will create 750 jobs in Teesside and ensures construction of the world’s largest wind monopile factory in Redcar.
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Issuing its first ever ‘Invest-to-Export’ 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 – worth almost £500 million. The facility was also eligible for longer and more flexible repayment terms as a ‘Clean-Growth’ facility.
Wind monopiles act as the foundation for most offshore wind turbines and are considered important to the growth of the global renewable energy sector.