UK Export Finance (UKEF) has partnered with Offshore Renewable Energy (ORE) Catapult to promote the expertise of offshore wind companies in overseas markets.
The parties have signed a memorandum of understanding (MoU) to bring global trading opportunities for UK suppliers and drive the country’s renewables exports.
They will raise awareness of the support available to companies in the renewable energy sector.
ORE Catapult, which operates the National Renewable Energy Centre in the North East of England, focuses on developing technologies to reduce the cost of offshore wind and help UK companies become more competitive.
UKEF has also provided training to ORE Catapult employees and informed them about the financial support it can offer to benefit green small and medium-sized enterprises (SMEs).
The training will help ORE Catapult increase awareness of the services UKEF offers to around 300 SMEs in the renewable energy sector.
UKEF director and Business Development, Marketing and Communications head Richard Simon-Lewis said: “There is a strong pipeline of new opportunities in the renewable energy sector as economies adopt clean energy pathways where UKEF can offer their expertise.
“We are uniquely placed to support the government’s ambition to grow clean energy as outlined in the [UK Government’s] recent Ten Point Plan.
“This agreement will help us tap into that potential on a more granular, regional basis and increase new business in cooperation with ORE Catapult.”
With an installed capacity of 10.4GW, the UK is the world’s biggest offshore wind market.
The government has said it intends to support companies in “exporting the country’s expertise to new, emerging markets”.
UKEF said that it is supporting the UK’s plan for a Green Industrial Revolution by focusing on supporting green projects. The company said it can offer these projects favourable repayment terms.
UKEF also has a £2bn ($2.8bn) direct lending facility in place for financing clean growth projects, as well as an international network of trade finance experts focused on supporting UK-based renewable energy businesses.
In 2019, the company agreed to support a €30.2m ($36.6m) contract for the initial refurbishment of the Al Mussaib power station, which aims to ensure a secure energy supply in Southern Iraq.