Trade Minister announces UKEF support for Scottish offshore wind exports



  • FoundOcean wins contract to provide foundations for 100-turbine offshore wind farm in Taiwan, creating 30 new jobs in Livingston, Scotland
  • 80% of FoundOcean’s revenue now comes from renewable energy projects as companies move to a low carbon future
  • Export win follows £ 500million UKEF guarantees to help finance offshore wind farms in Taiwan

International Trade Minister Graham Stuart visited the world’s leading specialists in offshore construction grouting, FoundOcean, in Livingstone, Scotland, to announce a major new export contract won by the company that will create 30 new green jobs in the region.

FoundOcean won a contract to provide the foundations for a 100-turbine offshore wind farm in Taiwan after receiving financial support from UK Export Finance (UKEF), the government export credit agency.

The company will provide the foundation grouting to allow the wind turbines to be fixed to the seabed to form the wind farm. The farm will then be able to produce more than 1 GW of electricity, equivalent to 20% of the level produced by the United Kingdom.

Graham Stuart, MP, Minister of Exports said:

The UK has one of the best export credit agencies in the world in UKEF, which will help Scottish exporters like FoundOcean as we level every part of the UK and rebuild greener after the pandemic.

UKEF helps us accelerate the transition to clean energy, which will bring prosperity and a wide range of sustainable jobs to Scotland.

UK Government Minister for Scotland David Duguid said:

Seeing a pioneering Scottish company like FoundOcean win this contract highlights UKEFimportant role in showcasing Scotland as a thriving industry hub on the world stage.

In addition to creating 30 jobs, this work demonstrates the global potential of Scottish businesses to support clean energy, as part of the UK government’s ambitious ten-point plan for a green industrial revolution.

FoundOcean has switched to renewables over the past decade and now supplies some of the largest offshore wind farms in the world.

80% of FoundOcean’s business now comes from renewable energy projects and the company now has customers worldwide in Southeast Asia, the Gulf of Mexico and the Netherlands, predicting that more than half of his contracts will be abroad this year.

Jim Bell, CEO of FoundOcean, said:

Our company has been in existence for over fifty years and in recent years we have successfully made the transition to mainly renewable energies.

Thanks to UKEFWith support from, we’ve been able to fulfill a major contract, grow our business, and create vital jobs for people across the country. We are so proud to play a role in Taiwan green energy.

The UK is the world’s largest offshore wind market with 10.4 GW of total installed capacity, and the UK government is helping UK companies export the country’s expertise to new emerging markets – a key part of its plan in ten points for a green industrial revolution.

UKEF has provided £ 500million in financing for 3 offshore wind projects in Taiwan since the end of 2019, helping to unlock the export potential of the UK’s offshore wind sector.

Offshore wind projects often require a performance bond – guaranteeing project completion – of up to 15% of the contract value even before work begins. This would have required making a large deposit and, due to the scale of the Taiwanese project, FoundOcean was unable to organize it through its bank. UKEF intervened with bond support which enabled FoundOcean to fulfill the contract.

Craig Green, Export Finance Manager at UKEF, mentionned:

Companies like FoundOcean are at the heart of the global renewable energy revolution, and UKEF is there to make sure they can export their specialized products around the world, get paid and create more jobs to support the transition.

Background

About UK Export Finance

UK Export Finance is the UK’s export credit agency and government department, working alongside the Department of International Trade as part of its strategy and operations.

Established in 1919, it exists to ensure that no viable UK export fails for lack of private market funding. It provides financing and insurance to help exporters win, complete and get paid for export contracts.



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