UK Export Finance (UKEF), the UK’s export credit agency, has announced that it would provide a £200m ($280m) buyer credit guarantee to help finance the Greater Changhua 1 Offshore Wind Farm in Taiwan, as part of plans to unlock the export potential of the UK’s offshore wind sector.
UKEF said the UK government has outlined a Ten Point Plan for a green industrial revolution and supporting the UK’s offshore wind sector is a key part of its strategy.
Including this latest financing, The UKEF has now provided £500m ($701m) of financing for three offshore wind projects in Taiwan alone since late 2019.
According to UKEF, two UK renewable energy companies, Seajacks and Trelleborg, have already capitalised on UKEF’s support by winning export contracts with Ørsted.
“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,” said Liz Truss, International Trade Secretary of UK.