Offshore Wind: Positive news for North East!

The UK Government has unveiled a significant £225 million investment in the renewables sector in Teesside, thanks to a partnership with Korean investors.

UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure) have provided financial guarantees that will enable SeAH Steel Holding to expand its offshore wind technology factory located near Redcar.

Facilitated by Standard Chartered Bank and HSBC UK, this funding will boost the factory’s ability to produce a broader range of components for the offshore wind industry.

With this latest investment, SeAH Wind UK’s total commitment at the Teesworks Freeport site has now reached £900 million. The backing from UKEF and K-Sure, which initially supported the project in 2023, has risen to a total of £590 million.

The factory plays a vital role in manufacturing wind monopiles, the foundational structures for offshore wind turbines, which are critical for the expansion of renewable energy on a global scale.

Once operational, the facility will serve both US and European markets, and the project is anticipated to generate up to 750 jobs by 2027, marking a significant advancement in the development of the offshore wind and renewables sector in North-East England.