UK Export Finance has launched a new partnership with Offshore Renewable Energy (ORE) Catapult to promote the expertise of UK offshore wind companies abroad.
UK Export Finance (UKEF) has today, on Global Wind Day, signed a memorandum of understanding (MoU) with ORE Catapult that will help bring global trading opportunities to UK suppliers and propel UK renewables exports.
The UK is the world’s biggest offshore wind market with 10.4GW of total installed capacity, and the UK government is helping UK companies export the country’s expertise to new, emerging markets.
ORE Catapult, which operates its National Renewable Energy Centre in the North East is a leading innovation centre for offshore renewable energy with expertise in accelerating offshore wind technologies and supporting clean growth. It develops new technologies to reduce the cost of offshore wind to help UK companies become more competitive.
As part of this cooperation agreement, ORE Catapult and UKEF will raise awareness of support that can be provided to assist UK businesses in the renewable energy sector. UKEF has also trained ORE Catapult employees to highlight the financial support UKEF can offer to benefit green SMEs. This training will enable ORE Catapult to raise awareness of the services UKEF offer to nearly 300 SMEs in the renewable energy sector they support.
To support the UK’s plan for a Green Industrial Revolution UKEF is heavily focused on supporting green projects and can offer them favourable repayment terms. It also has in place a £2 billion direct lending facility dedicated to financing clean growth projects and an international network of trade finance experts focused on supporting UK renewable energy businesses.
Richard Simon-Lewis UKEF Director & Head of Business Development, Marketing & Communications, said:
“There is a strong pipeline of new opportunities in the renewable energy sector as economies adopt clean energy pathways where UKEF can offer their expertise. We are uniquely placed to support the government’s ambition to grow clean energy as outlined in the recent 10 Point Plan and this agreement will help us tap into that potential on a more granular, regional basis and increase new business in cooperation with ORE Catapult.”