The UK’s export credit agency has issued a loan guarantee that allowsoffshore wind specialist Seaway7 to secure a £370m loan to scale up its UK operations.UK Export Finance (UKEF) issued the guarantee under its Export Development Guarantee (EDG) scheme, which covers 80% of the total loan.UKEF’s backing is expected to help the firm win and service EPCI (engineering, procurement construction and installation) 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 US and mainland Europe.
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