UK Export Finance (UKEF) is providing a £200m buyer credit guarantee to help finance the 605MW Greater Changhua 1 offshore wind farm off Taiwan to unlock the export potential of the UK’s offshore wind sector.
UKEF has now provided £500m of financing for three offshore wind projects in Taiwan alone since late 2019, creating trading opportunities for UK renewable energy companies and supporting green jobs.
Two UK renewable energy companies, Seajacks and Trelleborg’s applied technologies operation in the UK, have already capitalised on UKEF’s support by winning export contracts with Orsted, the company leading the development of the wind farm.
UK international trade secretary Liz Truss said: “Harnessing the power of renewable energy is a vital part of our plan to build back greener from the pandemic.
“By supporting projects like these we can help the UK lead the world in green growth and drive an exports-led, jobs-led recovery from Covid here at home.”
Many international offshore wind companies have set up operations in Taiwan to help meet the market’s ambitious energy transition target and UKEF’s financing enables UK companies to better access these opportunities.
Seajacks, an East Anglia-based company, will ship the material needed to install the turbines and Trelleborg’s applied technologies operation in the West Midlands will provide protection systems for the cables which connect the turbines to the mainland.
Seajacks chief operating officer Sebastian Brooke said: “This contract is an important milestone for Seajacks.
“This is the second major UKEF-backed project we have supplied to in Taiwan, and we are proud that British vessels will be installing these offshore turbines that will help power Taiwan’s green energy revolution.”
Richard Beesley, business development director at Trelleborg’s applied technologies operation in the UK, added: “UKEF involvement on this project has helped us to further grow our renewable energy business here in the UK.
“This contract award is a significant achievement, in a market we recognize is crucial for future energy needs.”