Two British companies in West Midland and East Anglia have won contracts in Taiwan. UKEF has now provided a 500 million credit guarantee to fund several offshore wind projects in Taiwan. It supports some of the cleaner and greener trade plans for UK businesses.
UK Export Finance (UKEF), the UK’s export credit agency, offers a 200 million buyer credit guarantee to fund Greater Changhua 1 Offshore Wind Farm in Taiwan, unlocking the export potential of the UK offshore wind sector.
To help Britain regain green from the pandemic, the British government has created a 10-point plan for the Green Industrial Revolution and supporting the UK’s offshore wind sector is a key part of its strategy.
UKEF is currently providing $500 million in funding for three offshore wind projects in Taiwan from the end of 2019, creating trading opportunities for UK renewable energy companies and supporting green jobs.
In the UK, two renewable energy companies, Seajacks and Trelleborgs, have already leveraged UKEF support by signing an export contract with rsted, the company that is applying technology in the UK and leading the development of wind farms.
Liz Truss, Minister of International Trade, said:
Utilizing the power of renewable energy is an important part of our plan to bring a greener back from the epidemic. By supporting projects like this, we can help the UK lead the world in green growth and lead an export-led job-led recovery from Covid here at home.
Greater Changhua 1 Offshore Wind Farm has a capacity of 605 MW and powers more than 650,000 households. This allows Taiwan to achieve its goal of producing 20% of its electricity from renewable resources by 2025.
Many international offshore wind companies have started their business in Taiwan to meet the market’s ambitious energy transition targets, and UKEF’s financing gives UK companies a better access to these opportunities.
Seajacks, headquartered in East Anglia, ships the materials needed to install the turbine and applies Trelleborgs application technology in the West Midlands to provide a protection system for cables connecting the turbine to the mainland.
Sebastian Brooke, Seajacks COO, said:
This agreement is an important milestone for Seajacks. This is the second major UKEF-backed project we have supplied in Taiwan, and we are proud that British ships will install these offshore turbines that will power Taiwan’s green energy revolution.
Richard Beesley, Director of Business Development, Applied Technology Division at Trelleborgs UK, said:
UKEF’s participation in this project has helped us further grow our renewable energy business in the UK. The signing of this contract is an important achievement and is critical for future energy demand in the market we recognize.
Background on UK export finance
UK Export Finance is a UK export credit agency. It exists to ensure that UK exports do not fall short of finance or insurance in the private market, providing finance and insurance for exporters to close, fulfill and pay export contracts.
In 2020, UKEF has increased 2 billion in direct lending capacity, especially for clean growth and renewable energy projects. This additional funding will support sustainable projects as the global economy moves from fossil fuels to renewable low-carbon solutions.
Seajacks is an East Anglian based offshore installation company. This is the second project supported by UKEF and won a business in Taiwan and the first second project outside of Europe. We will provide transport vessels for turbine installation.
Trelleborgs Application Technology Operational Information
As part of the Trelleborg Group’s Offshore business, Trelleborgs applies technology in Skelmersdale, UK to manufacture and design innovative and reliable polymer and syntax material solutions for the renewable energy industry. They will provide a NjordGuard cable protection system and bell mouse to protect more than 222 interarrays and export cables connecting the turbine to the mainland.
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