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UK Export Finance (UKEF) has issued a loan guarantee so that
fixed offshore wind specialist Seaway7 can access a £370
million funding package
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Issued under UKEF’s Export Development Guarantee facility,
the funding will allow Seaway7 to develop its UK sites and
fund its current fleet
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The government-backed deal will support economic growth and
see the creation of over 100 new jobs by the end of the
decade
In a move which supports the growth of the North Sea offshore
wind industry, UK Export Finance (UKEF) has issued a loan
guarantee so that Seaway7 can access a £370 million funding
package.
The export credit agency has issued the guarantee under its
Export Development Guarantee (EDG) so that the offshore wind
specialist can invest in its UK operations. The UKEF guarantee
covers 80% of the total loan, which has been coordinated by HSBC
and with Citibank, Credit Agricole Corporate and Investment Bank,
DNB, HSBC and ING as Mandated Lead Arrangers.
UKEF’s backing is expected to help the firm win and service
Engineering, Procurement Construction and Installation (EPCI)
contracts for fixed offshore wind projects which will generate UK
export revenue. Seaway7 has completed successful offshore wind
projects in a range of markets, including Taiwan, the USA and
continental Europe.
Further development of Seaway7’s UK business is also set to
create over 100 new jobs in Aberdeen’s offshore wind industry by
the end of the decade, supporting regional growth and the
government’s continued aim of decarbonising the economy by 2050.
, Minister for Exports,
said:
This is a great development for Scotland’s renewable energy
industry, set to create over 100 jobs in Aberdeen and consolidate
its place as a global leader in offshore wind expertise.
Through UK Export Finance, this government is unlocking new
opportunities for sustainable trade and investment – and securing
the long-term prosperity of the United Kingdom.
Philip Lewis, Global Co-Head of Export Finance for HSBC,
said:
We are thrilled to have supported Seaway7 by coordinating this
important transaction, which will further enable the company to
provide invaluable support to the offshore wind industry and help
meet the rising demand for renewable energy.
Seaway7’s Aberdeen base manages all building, use and maintenance
of vessels belonging to the company.
