UK Export Finance guarantee £200 million Taiwanese wind farm - Trade Finance Global

UK Export Finance guarantee £200 million Taiwanese wind farm

By Fin Kavanagh

Fin Kavanagh is an Editorial Assistant at Trade Finance Global. He studied a Masters in Journalism at City, University of London where he specialised in financial journalism, as well as completing his undergraduate degree at the University of Oxford. He has previously worked for The Times, covering the 2019 UK General Election, and wrote for The Telegraph while he was studying. Fin follows stories relating to supply chain finance, and has a particular interest in vaccines supply chains. In his free time he is a keen runner and loves hiking. He has completed several marathons for a number of mental health charities.

Last updated on 13 Apr 2024

18 Feb 2021 2 min reading time

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The UK’s export credit agency is providing a £200 million buyer credit guarantee to help finance an offshore wind farm in Taiwan. It will be the third project financed by the UK since 2019, in a bid to create green jobs for UK renewable energy companies.

The wind farm, dubbed Greater Changhua 1, has a capacity of 605 megawatts (MW), and will power more than 650,000 households. The project is part of Taiwan’s goal of generating 20 percent of its power from renewable sources by 2025.

Two UK renewable energy companies, Seajacks and Trelleborg’s, have also secured export contracts with Ørsted, the company leading the development of the wind farm.

Liz Truss, International Trade Secretary, said:

“Harnessing the power of renewable energy is a vital part of our plan to build back greener from the pandemic. By supporting projects like these we can help the UK lead the world in green growth and drive an exports-led, jobs-led recovery from Covid here at home.”

Seajacks, an East Anglia-based company, will ship the material required to install the turbines and Trelleborg’s applied technologies operation in the West Midlands will provide protection systems for the cables which connect the turbines to the mainland.

Sebastian Brooke, COO at Seajacks, said: “This is the second major UKEF-backed project we have supplied to Taiwan, and we are proud that British vessels will be installing these offshore turbines that will help power Taiwan’s green energy revolution.

Richard Beesley, Business Development Director at Trelleborg’s applied technologies operation, UK, added: “UKEF involvement on this project has helped us to further grow our renewable energy business here in the UK. This contract award is a significant achievement, in a market we recognize is crucial for future energy needs.”