£367m funding deal secured for Redcar wind tech factory with potential to create 2,250 jobs

Posted on 23 November 2023

£367m funding deal secured for Redcar wind tech factory with potential to create 2,250 jobs

The site of SeAH Steel Holdings' wind tech factory near Redcar (Image: SeAH Steel Holdings)

The deal ensures South Korean manufacturer SeAH Steel Holding can construct the factory which will be the biggest in the world of its kind

A landmark Teesside wind tech factory with the potential to create and sustain 2,250 jobs has secured a £367m funding package.

Steel work is already being erected at South Bank for the £500m SeAH Wind monopile manufacturing facility, following an announcement last summer to create an 800m long building set to become the world’s largest monopile facility once it is complete.

Now UK Export Finance (UKEF) and K-Sure has announced it has secured support for South Korean manufacturer SeAH Steel Holdings to ensure construction of the Redcar wind tech factory, which will be also be a UK industry first. The finance package will secure inward investment for the plant, which will create 750 jobs on Teesside by 2027 and supporting more than 1,500 jobs in the wider supply chain.

UKEF and K-Sure said it had issued its first ever ‘Invest-to-Export’ loan guarantee to secure overseas investment in British industry, ensuring that SeAH Wind UK can fund the construction project, with £367m in financing from Standard Chartered Bank and HSBC UK. The 40m high factory will annually produce up to 200 monopiles - which form the foundations of offshore wind turbines – making it a critical component for the growth of the global renewable energy sector.

Lord Offord, Minister for Exports, said: “This landmark deal brings substantial overseas investment to Teesside and consolidates the UK’s place as a world leader in offshore wind – and renewable energy – expertise and exporting. Through UK Export Finance, this government is bringing in new investment for the UK’s world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.”

Chris Sohn, SeAH Wind, said: “We are delighted to invest in the UK. This project is significant in that it contributes not only to the growth of UK’s local economy but also global de-carbonization efforts. Our aim is to become a global leader in the offshore wind supply chain. We would like to express our gratitude to UKEF and K-Sure for their support.”

Tees Valley Mayor Ben Houchen said: “This investment is a huge vote of confidence for a game-changing project which will deliver the high quality well-paid jobs of the future for Teesside. Our area is now established as the UK’s capital for green renewable industries and this commitment will drive forward not only this major project but other developments which will support and complement it.

“We are attracting major global investment and the benefits are now tangible - with the huge SeAH factory visible on our skyline and hundreds of workers employed on site.”

Sourced from: Teesside Live


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