SeAH Wind UK, a subsidiary of South Korea's SeAH Besteel Holdings, has committed an additional GBP 225 million (USD 294 million/EUR 268.8 million) to its offshore wind technology manufacturing facility in Teesside, England. This latest investment brings the total funding for the site to approximately GBP 900 million.
The new financing was secured through support from Standard Chartered Bank and HSBC UK, enabled by guarantees from export credit agencies in both the UK and South Korea — UK Export Finance (UKEF) and Korea Trade Insurance Corporation (K-Sure), respectively.
The Teesside facility, which began construction in 2022, will manufacture wind monopiles for export to US and European markets.
The additional investment will allow the plant to expand its production capabilities to include larger monopiles and a broader range of products. The project is expected to create up to 750 jobs by 2027.
