UK Export Finance (UKEF), the UK’s export credit agency, has signed a new green finance agreement with London-based Offshore Design Engineering (ODE).

Under the deal, HSBC UK will provide a €900,000 financing facility for an ODE offshore wind contract in Poland, which will be guaranteed up to 80% by UKEF.

The deal is a product of UKEF’s General Export Facility (GEF), which can provide guarantees on loans from UKEF-partnered banks up to a value of £25 million.

The GEF also allows loans to be guaranteed without exporters having to present individual export contracts to UKEF.

Andrew Baker, managing director at ODE, said: “UKEF support has been really important, allowing us to expand our resources and move into different markets at the same time. 

“The ability to take what we’ve learned in the offshore industry in the UK, and help other countries to do that, is very meaningful and I’m proud of the momentum we have achieved so far.”

Green transition

The deal adds another milestone to UKEF’s green transition goals. 

At COP26, UKEF called on UK businesses to take advantage of renewable energy export opportunities, with £50 billion in liquidity to facilitate green-linked exports and win contracts.

Richard Armstrong, export finance manager at UKEK, said: “ODE is a prime example of a business that is exporting UK expertise to champion the green energy transition around the world. 

“As we enter 2022, taking forward the recommendations made at COP26, I’m delighted that we could provide this support and hope other businesses will recognise similar potential.”