Offshore wind firm secures £370 million government-backing to expand UK business

(Insider, Glascow, 16 November 2023) UK Export Finance (UKEF) has issued a loan guarantee so that Seaway7 can access a £370m funding package under its Export Development Guarantee so that the offshore wind company can invest in its UK operations. The guarantee covers 80% of the total loan, which has been coordinated by HSBC, with Citibank, Credit Agricole Corporate and Investment Bank, DNB and ING as mandated lead arrangers. UKEF’s backing is expected to help the firm win and service engineering, procurement construction and installation contracts for fixed offshore wind projects which will generate UK export revenue. Zero offshore wind projects were secured by the UK Government in the country’s latest clean power auction early today - dealing “a major blow” to Scotland and the UK’s renewable energy ambitions.