A loan guarantee issued by a UK government credit agency aims to bolster the indigenous offshore wind industry.

Support from UK Export Finance (UKEF) will enable Seaway7 to access a £370 million funding package.

The guarantee 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 offshore wind projects in a range of markets, including Taiwan, the USA and continental Europe.

Further development of Seaway7’s UK business will create more than 100 jobs in Aberdeen’s offshore wind industry by the end of the decade.

The 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.

Lord Offord, Minister for Exports, said: “This is a great development for Scotland’s renewable energy industry.”

Support for distiller

Nc’nean Distillery has secured a Virgin Money funding package with the backing of UK Export Finance to help it grow in North American markets.

Virgin Money worked closely with UK Export Finance (UKEF) to structure the deal.

UKEF supported Virgin Money by issuing a loan guarantee which covered 80% of the financing that enabled Virgin Money to complete the transaction.