UKEF supports Taiwan's clean-energy project, creating over £130 million in UK exports

It has been announced by the British government that the export credit agency will issue its biggest-ever project that finances a guarantee for renewables. This project will help to secure export contracts worth more than £130 million.

The UKEF has guaranteed NT 15 billion dollars of financing, equivalent to nearly £400 million in financing for one of Asia’s biggest-ever offshore wind projects. The UKEF has chosen to support this 1 GW Hai Long project under the circumstances that the project buys supplies from the UK. This in return will create more than £130 million for the UK in manufacturing and servicing contracts.

With this funding, the UKEF’s spending on clean-energy projects in Asia will come to over £1 billion. This project highlights their collaboration with Japanese companies.

This funding will support a finance package of £3 billion, with over 15 lenders to the Hai Long Project, with UKEF being one out of seven of the agencies with provided this funding.

UKEF provided this guarantee through its Buyer Credit facility under the terms that the Hai Long project takes from the UK supply chain, enabling new export chances for UK manufacturers.

On top of this, the UKEF have also signed up in support of a Taiwanese offshore wind project. This particular project will be the biggest-ever project funding guarantee for renewables and will secure more than £130 million for the UK economy.

In addition, the 1 GW facility is expected to power more than one million households once finished.

With this mutual agreement, the UKEF will be able to enhance its portfolio of renewable energy projects, supporting the worldwide effort to transition to zero carbon emissions. In total, this will be the UKEF’s fourth agreement to offer support to an offshore wind project in Taiwan, bringing the agency's commitment to clean energy projects in Asia to over £1 billion.

Final Thoughts

Clean energy projects such as Hai Long are extremely significant for the UKEF. It is more important than ever for the UK to be engaging with the worldwide effort to reach zero carbon emissions. An increased support for climate-change projects has been seen across the globe, and in the coming years, a further shift is expected, with more clean energy projects on the horizon.

More support for multi-agency agreements similar to the Hai Long project is expected to pop up in the near future. What’s great is that this can also benefit the British economy, as manufacturers are required to get involved. Climate-friendly projects will soon account for over thirty per cent of power generation by the year 2030.

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