Landmark £430m green transition loan for Wood
Robin Watson: ‘unstoppable momentum’ (pic: Terry Murden)
Engineering and consultancy group Wood is the first ever recipient of a UK government-backed green transition loan to seize new clean growth export opportunities.
This £430 million commercial facility will be supported by an 80% UK Export Finance (UKEF) transition export development guarantee.
It will accelerate the Aberdeen-based company’s organic growth in low carbon operations, provide working capital, as well as additional funds for research and development.
With less than three months before the UN climate change conference, COP26 in Glasgow, the UK is focused on aligning its free trade agenda behind green exports to speed up the country’s transition away from fossil fuels to low-carbon energy sources.
The strategy is expected to deliver up to £170 billion of export sales in goods and services for the UK by 2030.
Industrial firms such as Wood will be backed by the UK Government to drive forward this transition.
Wood will commit to increasing its clean growth portfolio and significantly reducing its greenhouse gas emissions over the five-year tenure of the facility.
The company employs about 7,000 people across the UK and generates nearly £400 million annually from exports. It expects its export revenue related to low-carbon projects to significantly increase as the energy transition gathers pace.