UK secures £225m investment for Teesside renewables industry

By Finance News On Oct 11, 2024

The UK Government has announced a new £225 million investment in Teesside’s renewables sector, made possible through collaboration with Korean investors.

UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure) have guaranteed the financing, enabling SeAH Steel Holding to expand its offshore wind technology factory near Redcar.

This investment, facilitated by Standard Chartered Bank and HSBC UK, will enhance the factory’s capacity to produce a wider range of components for the offshore wind sector.

With this new funding, SeAH Wind UK’s total investment at the Teesworks Freeport site now reaches £900 million.

The financial backing from UKEF and K-Sure, which first supported the project in 2023, has now increased to a total of £590 million.

The factory is crucial for producing wind monopiles, the foundations for offshore wind turbines, which are essential for the growth of renewable energy worldwide.

Once operational, the facility will supply both US and European markets.

The project is expected to create up to 750 jobs by 2027, marking a significant step in developing the offshore wind and renewables industry in North-East England.