UK Export Finance guarantee enables JDR Cables to win overseas
contracts connecting renewable energy sources to the grid.
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JDR Cables supplies British-made subsea power cables to
offshore wind facilities worldwide.
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The £30 million bond support from UK Export Finance allows
JDR Cables to deliver new projects in the floating wind
sector.
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New support sits alongside UKEF financing from 2022 for a
factory expected to create 171 skilled jobs around
Northumberland.
JDR Cable Systems (JDR), a global subsea cable supplier and
service provider, part of the TFKable Group, has won new
contracts and is set to grow after a UK Export Finance (UKEF)
guarantee helped it secure £30 million in financing.
Supported by an 80% UKEF guarantee, HSBC UK, Societe Generale and
Bank Gospodarstwa Krajowego (BGK) issued a performance bond which
now allows JDR to deliver new projects supporting the global
transition to net-zero.
Recent major contracts secured in Europe and the US have
significantly bolstered JDR's market presence in these regions.
With the support of the guarantee, the company is well-positioned
to expand its global operations.
These efforts contribute to the growth of the renewable energy
sector and reinforce the UK's leadership in offshore wind
manufacturing.
, UK Minister for Services,
Small Business and Exports, said:
This deal supports UK export capacity and leadership in the
renewables sector. UKEF's latest financing for JDR Cables shows
what the government is doing to back British businesses leading
the energy transition and supporting skilled jobs around the
country.
Monika Cupiał-Zgryzek, Chief Executive Officer at JDR and
TELE-FONIKA Kable, said:
We are proud to be at the forefront of the global renewable
energy transition. The support from UK Export Finance is pivotal
in enabling us to expand our operations and meet the growing
demand for high-quality, high-voltage subsea and land cables.
This investment not only strengthens our market position but also
underscores our commitment to innovation, job creation, and the
decarbonization of the energy sector. As we continue to grow, we
remain dedicated to contributing to the UK's leadership in
offshore wind manufacturing and the global push towards net-zero
emissions by 2050.
Craig Norbury, Business Development Manager, HSBC UK
Global Trade Solutions, said:
We strive to support UK businesses who have ambitions to grow
internationally, including when we can achieve this through
partnerships with others. In this instance, the fusion of JDR's
sector capability, UK Export Finance's guarantee and HSBC's
global reach and presence in local markets has proved a winning
combination, supporting JDR in bringing their ambitions to
fruition.
This is the third occasion where UKEF's backing has supported JDR
in securing more overseas contracts. In 2015, UKEF issued
guarantees to help JDR grow its pipeline of export
projects.
A £100 million working capital loan was then agreed in 2022 –
financed by the same consortium of lenders as this new guarantee
– to support the construction of a state-of-the-art submarine
cable production facility. This is due to create 171 jobs in the
East Sleekburn, Cambois, and Blyth areas of Northumberland, while
supporting the broader UK supply chain and local apprenticeships.
Once complete, the facility will be the first one in the UK
capable of full start-to-finish manufacturing of high-voltage and
extra-high voltage subsea and land cables for offshore and
onshore wind farms, supporting the growing global renewable
energy market.
As the UK expands its floating wind capacity, JDR is positioned
to tap into growing demand from countries with deeper waters
requiring floating wind turbines.
Backing renewable energy projects is core to the delivery of
UKEF's business plan – in line with the government's aim to make
the UK a clean energy superpower, this will put UK suppliers at
the heart of the low-carbon transition with £10 billion in new
finance for green exporters by 2029.
