South Korea’s SeaH has secured £367m backing to build the world’s largest wind monopile manufacturing factory in the UK.
UK Export Finance and South Korean export credit agency K-Sure have helped SeAH Wind UK to secure the financing from Standard Chartered Bank and HSBC UK.
The backing ensures construction of the facility near Redcar, in the Tees Valley, which will create 750 jobs by 2027, and support more than 1,500 in the wider supply chain,
SeAH wind, owned by South Korean steel firm SeAH Steel Holding, announced the investment decision and broke ground at Teesworks Freeport last summer.
Construction of the project costs a total of £500m, with eligibility for longer and more flexible repayment terms as a “clean-growth” facility for the Standard Chartered and HSBC loans.
This deal comes a week after UKEF secured a £370m loan to Seaway 7 to expand its UK business, with 100 new Aberdeenshire jobs promised.
Chris Sohn, SeAH Wind, said: “We are delighted to invest in the UK. This project is significant in that it contributes not only to the growth of UK’s local economy but also global de-carbonization efforts.
“Our aim is to become a global leader in the offshore wind supply chain. We would like to express our gratitude to UKEF and K-Sure for their support.”
UK exports minister Lord Offord 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.
Through UK Export Finance, this government is bringing in new investment for the UK’s world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.”
Completion of the factory is expected in 2024.
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