UK Export Finance (UKEF) and Korea Trade Insurance Corporation (K-Sure) have secured £367 million in financing for SeAH Wind UK’s ambitious project to build the “world’s largest” wind monopile manufacturing facility near Redcar in the Tees Valley.
This financial backing was provided by Standard Chartered Bank and HSBC UK.
The package of £367 million is expected to play a pivotal role in supporting SeAH Wind UK’s construction of the wind monopile facility, which is valued at nearly £500 million.
The project is expected to generate up to 750 jobs in Teesside.
Lord Offord, Minister for Exports, said: “This landmark deal brings substantial overseas investment to Teesside and consolidates the UK’s place as a world leader in offshore wind – and renewable energy – expertise and exporting.”
