UK Export Finance (UKEF) has formed a new partnership with the Offshore Renewable Energy (ORE) Catapult in order to promote renewables companies abroad.
Launched to coincide with Global Wind Day, the memorandum of understanding (MoU) could help to bring global trading opportunities right to UK offshore wind firms doorsteps.
It is hoped the move will propel exports of domestic renewables technology and expertise.
The UK currently holds the title of the world’s biggest offshore wind market, with 10.4 gigawatts (GW) of total installed capacity.
One of the key objectives of the ORE Catapult is to develop and mature new technologies to help reduce the cost of offshore wind.
As well as operating the National Renewable Energy Centre in Northumberland, the research body also runs the Fit 4 Offshore Renewables (F4OR) initiative in the north-east, intended to support the creation of a world-leading supply chain.
As part of this cooperation agreement, ORE Catapult and UKEF will raise awareness of support that can be provided to assist UK businesses in the renewable energy sector.
A particular focus has been given to highlighting the services that are on offer to green SMEs.
As part of plans for a ‘green industrial revolution’, UKEF is offering projects “favourable repayment terms” in order to get them off the ground.
It also has a £2 billion direct lending facility in place, dedicated to financing clean growth projects.
Richard Simon-Lewis, UKEF director & head of business development, marketing & communications, said: “There is a strong pipeline of new opportunities in the renewable energy sector as economies adopt clean energy pathways where UKEF can offer their expertise.
“We are uniquely placed to support the government’s ambition to grow clean energy as outlined in the recent 10 Point Plan and this agreement will help us tap into that potential on a more granular, regional basis and increase new business in cooperation with ORE Catapult.”
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