Global offshore wind services business Venterra Group is set for growth following an uplift in UK Export Finance (UKEF) backed funding from HSBC UK.
The bank has supported the UK-headquartered Venterra with a £30m performance bond facility, which was part-guaranteed by UKEF and will be used for the export of services across the globe.
The funding will allow Venterra to explore a greater volume of offshore wind energy projects by increasing cash flow to support advance payments and bonding requirements, HSBC said.
This facility will underpin the global expansion of the Venterra Group in new markets and will create further revenue opportunities across international wind energy projects, it added.
Venterra is targeting growth in Northern Europe and Asia Pacific markets, at a rate of around 20% per annum.
Paul Doherty, executive vice president of engineering at Venterra Group, said: “We’re pleased to be strengthening our relationship with HSBC UK as we drive forward the wind energy industry globally.
“Support from UKEF is an incredibly valuable collaboration for us as we move to expand our export services.”
Jamie Castle, relationship director at HSBC UK, added: “The additional facility HSBC UK is providing supports Venterra in accessing markets that would otherwise not be achievable, further boosting the reach of its engineering services to offshore wind projects across the world.”
Established in 2021, Venterra is a dedicated offshore wind energy services group. Its member companies engineer, build and support the operations of offshore wind energy developments around the world.
The Venterra’s growth plans include the acquisition of a range of businesses within the sector, to build a service that encompasses the wind farm lifecycle, from concept design and building to decommissioning.