The Anonymous Widower

UK And South Korea Help Secure Millions For World’s Largest Monopile Factory

The title of this post, is the same as that of this article on offshoreWIND.biz.

This is the sub-heading.

UK Export Finance (UKEF) and South Korea’s export credit agency Korea Trade Insurance Corporation (K-Sure) have helped SeAH Wind to secure GBP 367 million in Standard Chartered Bank and HSBC UK financing to build the world’s largest wind monopile manufacturing facility.

These three paragraphs outline the story.

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

Issuing its first-ever “Invest-to-Export” 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 – worth almost GBP 500 million – with GBP 367 million in financing from Standard Chartered Bank and HSBC UK.

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 article also says.

• This is SeAH Wind’s first such investment outside Korea.
• The factory will make between 100 and 150 monopiles a year.
• The factory will create 750 jobs when it opens in 2026.
• The factory is conveniently placed for transport to the North Sea.

Everybody seemed to have worked hard during the state visit of the Korean President and his wife.

November 27, 2023 - Posted by AnonW | Energy, Finance | HSBC, Korea, Monopile Foundations, Offshore Wind Power, SeAH Wind, Standard Chartered, Teesside, Wind Power