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• UKEF and K-Sure have secured support worth 拢367 million for South Korean manufacturer SeAH Steel Holding鈥檚 construction of a wind tech factory near Redcar, in the Tees Valley.

• The transaction supports the creation of up to 750 jobs by 2027 and cements the North-East鈥檚 place as a centre of expertise and employment for renewable energy.

• This is UKEF鈥檚 first ever guarantee for inward investment issued under its 鈥業nvest-to-Export鈥� Export Development Guarantee product, signalling the availability of multimillion-pound support for companies investing in new UK exporting opportunities.

• The transaction is also the first joint financing between UKEF and K-Sure for a UK investment by a Korean company.

UKEF and K-Sure have secured support worth 拢367 million for South Korean manufacturer SeAH Steel Holding鈥檚 construction of a wind tech factory near Redcar, in the Tees Valley.

The financing will secure inward investment which will create 750 jobs in Teesside and ensures construction of the world鈥檚 largest wind monopile factory in Redcar.

Issuing its first ever 鈥業nvest-to-Export鈥� loan guarantee to secure overseas investment in British industry, UKEF together with K-Sure has ensured that SeAH Wind UK can fund the construction project 鈥� worth almost 拢500 million 鈥� with 拢367 million in financing from Standard Chartered Bank and HSBC UK. The facility was also eligible for longer and more flexible repayment terms as a 鈥楥lean-Growth鈥� facility.

Wind monopiles act as the foundation for most offshore wind turbines and are critical to the growth of the global renewable energy sector.聽

Lord Offord, Minister for Exports, said:

This landmark deal brings substantial overseas investment to Teesside and consolidates the UK鈥檚 place as a world leader in offshore wind 鈥� and renewable energy 鈥� expertise and exporting.

Through UK Export Finance, this government is bringing in new investment for the UK鈥檚 world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.

Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said:

With our long-standing partnership with UKEF and K-Sure and the Bank鈥檚 commitment to accelerating the transition to net zero, we are proud to structure this financing for our important client SeAH Group and contribute to the UK supply chain in the wind sector.

Philip Lewis, Global Co-Head of Export Finance for HSBC, said:

We are delighted to have supported SeAH Wind with the combined UKEF and K-Sure backed financing for the UK鈥檚 first offshore wind monopile manufacturing facility. This plays an important role in supplying the offshore wind industry and helps meet the rising demand for renewable energy.

Chris Sohn, SeAH Wind, said:

We are delighted to invest in the UK. This project is significant in that it contributes not only to the growth of UK鈥檚 local economy but also global de-carbonization efforts. Our aim is to become a global leader in the offshore wind supply chain. We would like to express our gratitude to UKEF and K-Sure for their support.

SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport last summer.

The confirmed support which is now being announced will secure the project鈥檚 future. The 拢367 million financing comprises 拢257 million supported by UKEF and 拢110 million supported by K-Sure.

This deal creates British jobs and cements Teesside鈥檚 place as a centre of manufacturing expertise for renewable energy. Upon completion of the factory, SeAH Wind UK will export monopiles to US and European markets, creating up to 750 jobs by 2027 and supporting more than 1,500 jobs in the wider supply chain.

The ongoing construction has already secured a deal worth over 拢100 million for British Steel and will create opportunities for the UK supply chain in sectors like manufacturing, construction and logistics.

UKEF鈥檚 support was provided under the Export Development Guarantee (EDG) product, which supports UK companies looking to bolster their exporting capability. Today鈥檚 news highlights the availability of UKEF support for both UK and overseas companies seeking to invest in new export opportunities, with financing available based on the applicant鈥檚 potential for winning overseas orders.

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