UK Export Finance (UKEF) has provided a loan guarantee enabling Seaway7 to access a £370 million funding package to expand its offshore wind operations in the UK. The Export Development Guarantee from UKEF covers 80% of the total loan, which has been coordinated by HSBC, with Citibank, Credit Agricole Corporate and Investment Bank, DNB, and ING as mandated lead arrangers.
This financial support is expected to aid Seaway7 in securing engineering, procurement, construction, and installation contracts for fixed offshore wind projects, contributing to UK export revenue. The company has a track record of completing offshore wind projects in various global markets, including Taiwan, the US, and continental Europe.
The expansion of Seaway7's business in the UK is anticipated to generate over 100 new jobs in Aberdeen's offshore wind industry by the end of the decade. The move aligns with the UK government's commitment to fostering sustainable trade and investment and promoting the country's expertise in the global offshore wind sector.
Lord Offord, Minister for Exports, commented on the development, highlighting its positive impact on Scotland's renewable energy industry and the creation of jobs in Aberdeen. Philip Lewis, Global Co-Head of Export Finance for HSBC, expressed the bank's support for Seaway7 in facilitating the growth of its operations in the offshore wind sector.