UK
Ireland
Scotland
London
Construction News
16/11/2023
Seaway7 Secure £370m Loan To Boost UK Operations
UK Export Finance (UKEF) has issued Seaway7 a loan guarantee, which will allow the offshore wind giant to secure a £370 million loan to scale up its UK operations.
UKEF, the export credit agency, has issued the guarantee under its Export Development Guarantee (EDG) so that the offshore wind specialist can invest in its UK operations. The UKEF guarantee covers 80% of the total loan, which has been coordinated by HSBC and with Citibank, Credit Agricole Corporate and Investment Bank, DNB, HSBC and ING as Mandated Lead Arrangers.
UKEF's backing is expected to help the firm win and service Engineering, Procurement Construction and Installation (EPCI) contracts for fixed offshore wind projects which will generate UK export revenue. Seaway7 has completed successful offshore wind projects in a range of markets, including Taiwan, the USA and continental Europe.
Further development of Seaway7's UK business is also set to create over 100 new jobs in Aberdeen's offshore wind industry by the end of the decade, supporting regional growth and the government's continued aim of decarbonising the economy by 2050.
Lord Offord, Minister for Exports, said: "This is a great development for Scotland's renewable energy industry, set to create over 100 jobs in Aberdeen and consolidate its place as a global leader in offshore wind expertise.
"Through UK Export Finance, this government is unlocking new opportunities for sustainable trade and investment – and securing the long-term prosperity of the United Kingdom."
Philip Lewis, Global Co-Head of Export Finance for HSBC, said: "We are thrilled to have supported Seaway7 by coordinating this important transaction, which will further enable the company to provide invaluable support to the offshore wind industry and help meet the rising demand for renewable energy."
Seaway7's Aberdeen base manages all building, use and maintenance of vessels belonging to the company.
UKEF, the export credit agency, has issued the guarantee under its Export Development Guarantee (EDG) so that the offshore wind specialist can invest in its UK operations. The UKEF guarantee covers 80% of the total loan, which has been coordinated by HSBC and with Citibank, Credit Agricole Corporate and Investment Bank, DNB, HSBC and ING as Mandated Lead Arrangers.
UKEF's backing is expected to help the firm win and service Engineering, Procurement Construction and Installation (EPCI) contracts for fixed offshore wind projects which will generate UK export revenue. Seaway7 has completed successful offshore wind projects in a range of markets, including Taiwan, the USA and continental Europe.
-- Advertisement --
Further development of Seaway7's UK business is also set to create over 100 new jobs in Aberdeen's offshore wind industry by the end of the decade, supporting regional growth and the government's continued aim of decarbonising the economy by 2050.
Lord Offord, Minister for Exports, said: "This is a great development for Scotland's renewable energy industry, set to create over 100 jobs in Aberdeen and consolidate its place as a global leader in offshore wind expertise.
"Through UK Export Finance, this government is unlocking new opportunities for sustainable trade and investment – and securing the long-term prosperity of the United Kingdom."
Philip Lewis, Global Co-Head of Export Finance for HSBC, said: "We are thrilled to have supported Seaway7 by coordinating this important transaction, which will further enable the company to provide invaluable support to the offshore wind industry and help meet the rising demand for renewable energy."
Seaway7's Aberdeen base manages all building, use and maintenance of vessels belonging to the company.
Latest Construction News
17/01/2025
Leeds Trinity University has officially opened its newly refurbished City Campus at 1 Trevelyan Square in Leeds.
Completed by GRAHAM Interior Fit-Out, the transformation of the central Leeds site introduces state-of-the-art facilities designed to improve learning and collaborate with industry partn
17/01/2025
Trammell Crow Company (TCC) has secured planning permission for a Grade A logistics scheme in Heywood, Greater Manchester, following a successful planning appeal.
The development will feature two state-of-the-art industrial and logistics buildings. One building will house two units measuring 4,796
17/01/2025
Poole-based developer AJC Group has celebrated a record-breaking 2024, delivering 100 affordable homes, a significant increase from the 72 units completed in the previous year.
Since 2023, AJC Group has completed and handed over 172 affordable homes across five sites.
In 2024 alone, the developer
17/01/2025
Plans for one of the most ambitious parks projects in London have taken a significant step forward, with Haringey Council securing nearly two additional acres of land around The Paddock nature reserve in Tottenham Hale.
The agreement with Thames Water marks a major milestone in the transformation o
17/01/2025
Islington Council has unveiled two draft guidance documents aimed at helping residents, businesses, and developers combat climate change by making buildings more energy efficient and fostering a greener, healthier borough.
The consultation seeks feedback on the draft Climate Action Supplementary Pl
17/01/2025
The City of Wolverhampton Council has unveiled a £98 million investment plan over the next five years to develop around 500 new homes across the city.
The proposal, part of the Housing Revenue Account (HRA) Business Plan, received Cabinet approval this week and now moves to Full Council for final
17/01/2025
Croydon Council has announced a significant milestone in the redevelopment of the Purley Pool site, with revised proposals submitted for a new leisure centre, later living housing, and the regeneration of the surrounding area.
A planning application for the site was initially submitted in 2024, pro
17/01/2025
The City of Wolverhampton Council has announced that demolition work has commenced on the New Park Village estate, marking the start of a major £40 million redevelopment project to transform outdated council housing.
Contractor DSM Demolition has begun pulling down poor-quality bungalows on Valley
17/01/2025
Hillingdon Council has acquired 12 new homes at Carpenters Court in Uxbridge.
Leader of Hillingdon Council, Cllr Ian Edwards and Cllr Steve Tuckwell, Cabinet Member for Planning, Housing and Growth, visited the site to officially mark the handover of the properties from local developer Kearns Devel
17/01/2025
Organisers of UK Construction Week (UKCW) have announced another major coup for the show's 10th anniversary year, with the news that UKCW London will be co-locating with the 14th edition of The Stone Show & Hard Surfaces, the principal industry event for surface design.
Established 26 years ago, th
