UK Export Finance (UKEF) has provided a guarantee for £380m in financing for the Hai Long offshore wind project, one of Asia's largest, with a capacity of 1GW. The support is contingent on the project sourcing from the UK, resulting in over £130m in confirmed manufacturing and service contracts for British businesses.
The Hai Long scheme, developed by Mitsui of Japan and Northland Power of Canada, received a project financing package exceeding £3bn from more than 15 lenders. UKEF, as one of seven export credit agencies guaranteeing the financing, plays a key role in facilitating the project's financial support.
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This marks UKEF's fourth involvement in supporting an offshore wind project in Taiwan and elevates the agency's total commitment to clean energy projects in the Asia Pacific region to over £1.2bn. The guarantee from UKEF aligns with the UK government's emphasis on clean energy initiatives and its commitment to reaching net-zero carbon emissions.
UKEF Chief Executive Tim Reid emphasized the significance of clean energy projects like Hai Long in the context of global efforts to achieve net-zero targets. With the recent modernization of the OECD Arrangement expanding the range of support for climate-friendly projects, Reid anticipates more multi-agency transactions like this in the future, benefiting British businesses in the clean energy sector.
