UK's export credit agency UKEF said Thursday it was providing a £200 million buyer credit guarantee to help finance the Greater Changhua 1 Offshore Wind Farm in Taiwan, "unlocking the export potential of the UK’s offshore wind sector."
"To help the UK build back greener from the pandemic, 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," UKEF said.
UKEF has now provided £500 million of financing for three offshore wind projects in Taiwan alone since late 2019, creating trading opportunities for UK renewable energy companies and supporting green jobs.
Per UKEF, two UK renewable energy companies, Seajacks and Trelleborg’s applied technologies operation in the UK, have already capitalized on UKEF’s support by winning 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."
The Greater Changhua 1 Offshore Wind Farm has a capacity of 605 MW, powering more than 650,000 households. This will help Taiwan to achieve its goal of generating 20% of its power from renewable sources by 2025.
Many international offshore wind companies have set up operations in Taiwan to help meet the market’s ambitious energy transition target and UKEF’s financing enables UK firms to better access these opportunities, UKEF said.
Seajacks, an East Anglia-based company, will ship the material needed 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, Seajacks COO, said: "This contract is an important milestone for Seajacks. This is the second major UKEF-backed project we have supplied to in 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, said: "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."