The UK Government has announced a $293.37m (£225m) investment in the Teesside renewables sector through a partnership with South Korean investors.
Supported by UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure), SeAH Wind UK’s additional £225m investment will expand the capabilities of its Teesworks Freeport site, with total funding now reaching £900m.
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This financial boost was made possible after SeAH Steel Holding secured guarantees from the UK and South Korean export credit agencies, enabling access to new financing for its factory construction.
The new support from UKEF and K-Sure, which began in 2023, has increased their joint backing for the project to £590m.
Standard Chartered Bank and HSBC UK are providing the necessary finance.
Wind monopiles, which serve as the foundation for most offshore wind turbines, are crucial for the expansion of renewable energy worldwide.
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By GlobalDataWith the completion of the SeAH Wind UK factory, there will be an opportunity to export to the US and European markets, reinforcing the UK’s position in the global offshore wind supply chain.
The additional financing will enable the factory to produce larger monopiles and a broader range of products, meeting the evolving demands of the industry.
In addition, this development is expected to create up to 750 jobs by 2027, further supporting the growth of the offshore wind and renewables industry in North East England.
SeAH Wind UK CEO Chris Sohn said: “With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalisation.
“We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.”
UK Export Finance CEO Tim Reid said: “UK Export Finance is helping to secure overseas investment in Teesside and around the UK through its financing offer.
“By working with HSBC UK, Standard Chartered and K-Sure to support investment into this project, the government is bolstering North East England’s position as a leader in renewable energy expertise.”
In a separate effort to support green initiatives, PowerGreen recently partnered with Close Brothers Asset Finance to provide customised funding solutions for UK businesses investing in solar and battery storage installations.
