A landmark Teesworks project that is spearheading the site's growth has been given a £367million boost.

UK Export Finance (UKEF) and South Korea’s export credit agency Korea Trade Insurance Corporation (K-Sure) have helped SeAH Wind UK to secure the money in Standard Chartered Bank and HSBC  financing to build the world’s largest wind monopile manufacturing facility.

The deal supports the creation of up to 750 jobs by 2027 and cements the North East’s place as a centre of expertise and employment for renewable energy.

It is UKEF’s first ever guarantee for inward investment issued under its ‘Invest-to-Export’ Export Development Guarantee product, signalling the availability of multimillion-pound support for companies investing in new UK exporting opportunities.

The Northern Echo: -- (Image: Newsquest)

The facility was also eligible for longer and more flexible repayment terms as a ‘Clean-Growth’ facility.

Wind monopiles act as the foundation for most offshore wind turbines and are critical to 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.

The Northern Echo: How the SeAH site is progressingHow the SeAH site is progressing (Image: Press release)

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.”

Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said: “With our long-standing partnership with UKEF and K-Sure and the Bank’s commitment to accelerating the transition to net zero, we are proud to structure this financing for our important client SeAH Group and contribute to the UK supply chain in the wind sector.”

Philip Lewis, Global Co-Head of Export Finance for HSBC, said: “We are delighted to have supported SeAH Wind with the combined UKEF and K-Sure backed financing for the UK’s first offshore wind monopile manufacturing facility. This plays an important role in supplying the offshore wind industry and helps meet the rising demand for renewable energy.”

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 decarbonisation 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.”

SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport last summer. The confirmed support which is now being announced will secure the project’s future. The £367 million financing comprises £257 million supported by UKEF and £110 million supported by K-Sure.

The ongoing construction has already secured a deal worth over £100 million for British Steel and will create opportunities for the UK supply chain in sectors like manufacturing, construction and logistics.