Sooeun Provides 55 Billion KRW Financial Support to SeAH Steel for Entry into UK Wind Power Market

Loan of 45 Billion KRW and 10 Billion KRW Equity Investment in Local Subsidiary

[Asia Economy Reporter Kim Jin-ho] The Export-Import Bank of Korea (KEXIM) has provided a comprehensive financial package to support domestic companies venturing into overseas markets in the renewable energy industry.

On the 15th, KEXIM announced that it will provide a loan of 45 billion KRW to SeAH Steel, which is entering the UK offshore wind power market, and invest 10 billion KRW in equity in its local UK subsidiary.

SeAH Steel established a local corporation in eastern UK last February to produce monopiles, which are substructures for offshore wind power generation. After commencing construction of a factory next year at the offshore wind power cluster site located in the Humber Estuary area in eastern UK, production is scheduled to begin in 2024, with plans to supply 240,000 tons of monopiles annually in the future.

In August last year, SeAH Steel signed a Memorandum of Understanding (MOU) with the UK government for the construction of monopile production facilities and is set to participate as the sole manufacturer of monopiles in the offshore wind power project value chain led by the UK government. SeAH Steel plans to invest approximately 400 billion KRW over the next three years.

A KEXIM official stated, “As wind power is gaining attention in major European countries, we expect this financial support from KEXIM to serve as a stepping stone for SeAH Steel’s expansion into other European countries,” adding, “We will continue to actively support overseas projects in the eco-friendly and renewable energy sectors to further enhance the global competitiveness of our companies.”

This content was produced with the assistance of AI translation services.