Further £225m of investment secured for major renewable energy scheme
SeAH Wind UK has secured an additional £225 million in financing to expand its wind technology manufacturing site at Teesworks Freeport in Teesside. This brings the company's total investment in the project to £900 million. The new funding, backed by guarantees from UK Export Finance and Korea Trade Insurance Corporation, has been provided by Standard Chartered Bank and HSBC UK.
The site will produce wind monopiles, essential components for offshore wind turbines, and will export to the US and European markets. The expansion will allow the factory to produce larger monopiles and meet increasing industry demand, further cementing the UK's role in the global offshore wind supply chain.
The project is expected to create up to 750 jobs by 2027, bolstering North East England's position as a leader in renewable energy. SeAH Wind UK's chief executive, Chris Sohn, expressed commitment to completing the factory and contributing to the UK economy, while leaders from UK Export Finance and HSBC UK highlighted the international confidence in the UK economy and the role of export finance in driving growth. The investment is seen as a key step in supporting the UK's renewable energy sector and helping the country meet its net zero targets.