PCT Group Sales, a global manufacturer of energy based in Glasgow, with the support of UK Export Finance (UKEF), contracts 3 million cranes to build wind turbines at the new Neart na Gaoithe (NnG) offshore wind farm in Scotland. Signed. ).
PCT has won a global bid to supply wind turbines for installation in the 450MW offshore wind farm off the coast of Fife by supplying international engineering firm Saipem and 54 davit cranes. NnG has recently entered the first phase of construction and, upon completion, will produce enough power to supply approximately 375,000 Scottish homes, offsetting over 400,000 tonnes of CO2 emissions annually.
PCT is an experienced exporter specializing in the production of lifting devices such as cranes, winches and hoists, with 90% of sales coming from overseas business. Saipem is a leading contractor for the installation of wind turbine foundations and deck platforms and completes the construction by shipping the cranes produced by PCT to Indonesia.
The terms of the PCT contract with Saipem meant that it had to deliver performance and pay the receivables upfront, which would have put a strain on the current company resources. UKEF backed up the transaction and provided PCT banks with a guarantee on 80% of the bonds, allowing the company to retain working capital for business operations and fulfill the contract.
This is after prime ministers this week announced an ambitious new 10-point plan for the Green Industrial Revolution that will support up to 250,000 highly skilled jobs across the UK. The plan will mobilize 12 billion government investment and promote more than three times the private sector investment by 2030, creating opportunities across Scotland and the UK. UKEF also recently appointed Export Finance Experts to focus on renewable exports and support Scotland’s energy transition.
Export Minister Graham Stuart said:
The UK has one of the world’s leading export credit institutions at UKEF, and Scottish exporters like PCT benefit from the technology and in-depth resources UKEF uses to close contracts like this. DIT and UKEF have decided to accelerate the transition to clean energy and allow more Scottish companies to take advantage of the unique support provided by the UK government.
Scotland’s British Government Secretary Iain Stewart said:
The PCT Offshore Wind Contract is another example of how companies can work with the UK government’s global credit agency, UK Export Finance, to strengthen their presence in the global market and expand their exports globally. renewable energy.
Scottish companies can benefit from more global trade opportunities when the EU transition period ends through Edinburgh’s new trade hub.
PCT Managing Director Brian Lemond said:
Without the support of the UKEF, a bond would not have been possible at this time and the contract would not have been able to be fulfilled. We look forward to working with them as we continue to secure contracts in the renewable energy sector.
UKEF’s Export Finance Manager Carol Harvey said:
PCT’s success demonstrates the UKEF’s ability to support a wide variety of contracts across different sectors. Our bond assistance scheme continues to play an important role in enabling UK companies to fulfill export contracts.
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