SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, has secured £367m ($460.17m) in funding to construct a new wind monopile manufacturing facility in the Tees Valley, North East England, UK.
UK Export Finance (UKEF) and South Korea-based export credit agency Korea Trade Insurance Corporation (K-Sure) have supported the company in obtaining this funding from Standard Chartered Bank and HSBC UK.
Of the £367m funding, UKEF will provide £257m and K-Sure will offer £110m.
The construction project is estimated to be worth £500m and is said to be the world’s largest wind monopile manufacturing plant.
The funding will secure inbound investment, resulting in the generation of 750 jobs on Teesside.
UK Exports Minister Malcolm Offord said: “This landmark deal brings substantial overseas investment to Teesside and consolidates the UK’s place as a world leader in offshore wind – and renewable energy – expertise and exporting.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“Through UK Export Finance, this government is bringing in new investment for the UK’s world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.”
In mid-2022, SeAH Wind UK announced its plans to invest in and commence construction at Teesworks Freeport.
SeAH Wind UK will ship monopiles to US and European markets once the construction is completed. It will support up to 750 jobs by 2027 and approximately 1,500 jobs in the wider supply chain.
The current development involves a transaction worth more than £100m for British Steel, and it will open prospects for the UK supply chain in industries such as manufacturing, construction, and logistics.