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HomeRenewables100% renewable energyUK secures £225m investment for Teesside renewables industry

UK secures £225m investment for Teesside renewables industry

The UK Government has announced a new £225 million investment in Teesside’s renewables sector, made possible through collaboration with Korean investors.

UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure) have guaranteed the financing, enabling SeAH Steel Holding to expand its offshore wind technology factory near Redcar.

This investment, facilitated by Standard Chartered Bank and HSBC UK, will enhance the factory’s capacity to produce a wider range of components for the offshore wind sector.

With this new funding, SeAH Wind UK’s total investment at the Teesworks Freeport site now reaches £900 million.

The financial backing from UKEF and K-Sure, which first supported the project in 2023, has now increased to a total of £590 million.

The factory is crucial for producing wind monopiles, the foundations for offshore wind turbines, which are essential for the growth of renewable energy worldwide.

Once operational, the facility will supply both US and European markets.

The project is expected to create up to 750 jobs by 2027, marking a significant step in developing the offshore wind and renewables industry in North-East England.

Energy Live News
Energy Live Newshttps://www.energylivenews.com
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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