In a move which supports the growth of the North Sea offshore wind industry, UK Export Finance (UKEF) has issued a loan guarantee so that Seaway7 can access a £370 million funding package.

The export credit agency has issued the guarantee under its Export Development Guarantee (EDG) so that the offshore wind specialist can invest in its UK operations. The UKEF guarantee covers 80% of the total loan, which has been coordinated by HSBC and with Citibank, Credit Agricole Corporate and Investment Bank, DNB, HSBC and ING as Mandated Lead Arrangers.

UKEF’s backing is expected to help the firm win and service Engineering, Procurement Construction and Installation (EPCI) contracts for fixed offshore wind projects which will generate UK export revenue. Seaway7 has completed successful offshore wind projects in a range of markets, including Taiwan, the USA and continental Europe.

Further development of Seaway7’s UK business is also set to create over 100 new jobs in Aberdeen’s offshore wind industry by the end of the decade, supporting regional growth and the government’s continued aim of decarbonising the economy by 2050.

Lord Offord, Minister for Exports, said:

“This is a great development for Scotland’s renewable energy industry, set to create over 100 jobs in Aberdeen and consolidate its place as a global leader in offshore wind expertise.

“Through UK Export Finance, this government is unlocking new opportunities for sustainable trade and investment – and securing the long-term prosperity of the United Kingdom.”

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

“We are thrilled to have supported Seaway7 by coordinating this important transaction, which will further enable the company to provide invaluable support to the offshore wind industry and help meet the rising demand for renewable energy”.

Seaway7’s Aberdeen base manages all building, use and maintenance of vessels belonging to the company.

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