UK Export Finance (UKEF) is guaranteeing financing for Orsted’s Greater Changhua 2 offshore wind farm in Taiwan, creating export opportunities for British businesses.
In support of the government’s Plan for Change and its mission to kickstart economic growth, UKEF – the UK government’s export credit agency – is providing a €146m Buyer Credit Guarantee to assist the development of the 632MW wind project.
The deal enables British exporters Cadeler, CRP Subsea, Ordtek, and Cathie to secure contracts to provide specialised services and critical components.
The government said the deal also supports jobs across the UK’s renewable energy supply chain, reinforcing Britain’s position as a global leader in the low-carbon transition.
The new wind farm will result in reductions of carbon emissions estimated at 1,118,000 tonnes of carbon dioxide equivalent per year.
The project is being financed in collaboration with export credit agencies from Denmark, Norway, South Korea, and Taiwan.
Minister for Exports Gareth Thomas said: “This shows how government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change.
“This investment will enable British innovation in renewable technology to scale up Taiwan’s clean energy transition and follows our modern Industrial Strategy, which provides up to £13bn of direct lending for UKEF to help businesses to export.”
Orsted’s chief financial officer Trond Westlie said: “We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2.
“This shows that there is a healthy appetite for premium assets with robust contractual structures, and it’s a clear sign that we’re working diligently to deliver on our divestment and partnerships programme.”