UK Export Finance (UKEF) has guaranteed £380m in financing for one of Asia’s largest-ever offshore wind projects.
UKEF is supporting the 1GW Hai Long scheme on the condition it buys from the UK, creating over £130m in confirmed UK manufacturing and service contracts.
The government export credit agency’s guarantee supports a project financing package of over £3bn issued by more than 15 lenders to the project, which is being developed by Mitsui of Japan and Northland Power of Canada.
UKEF was one of seven export credit agencies which guaranteed this financing.
This is UKEF’s fourth deal supporting an offshore wind project in Taiwan and brings UKEF’s total commitment to clean energy projects in the Asia Pacific region to over £1.2bn.
UK Export Finance chief executive Tim Reid said: “Clean energy projects like Hai Long are a priority for UK Export Finance as we engage with global efforts to reach net zero.
“With the recent OECD Arrangement modernisation increasing the range of support which we can offer for climate-friendly projects, we can expect to see and support more multi-agency transactions like this in the future that will benefit British businesses.”