![]() ![]() NEXI announced it would cover a financing proportion of approximately TWD27 billion ($840 million) for nine commercial banks: MUFG Bank, HSBC, Mizuho Bank, CTBC Bank Co, ANZ, Credit Agricole, SMBC, Standard Chartered and DBS Bank. NEXI backs nine commercial banks, Eksfin backs Seaway 7 The ECAs, alongside JBIC and NEXI, are Export Development Canada (EDC), Eksfin, UK Export Finance (UKEF), Export Finance Australia (EFA) and Credendo. Project financing will be provided by more than 15 international and local lenders. Credit agreements for TWD118 billion ($3.7 billion) were signed on 22 September for 20 year non-recourse financing, though the final amount on 28 September was TWD117 billion amid foreign exchange changes. Gentari International Renewables Pte will acquire 49% of Northland Power's ownership interest. The Hai Long development is a joint venture between Canada’s Northland Power (60%) and Mitsui & Co (40%). When Nippon Export and Investment Insurance (NEXI), and Japan Bank for International Cooperation (JBIC), became the first of the seven ECAs to put their mark on the financing for Taiwan’s 1 GW Hai Long offshore wind farm on 22 September, the market reaction was relief after what has been a tough year for financing offshore wind given inflationary pressure on project costs globally. Details continue to emerge on the financing of the largest non-recourse offshore wind deal in Asia, but the role of ECAs cannot be understated. Ward’s exporting success was recognised with a Queen’s Award for Enterprise for growth and commercial success in international trade in 2022.Taiwan’s Hai Long offshore wind reached financial close on 28 September, completing a good week for offshore wind in Asia (and following a good week for offshore wind in Poland), a very good week for developers Canada’s Northland Power and Japan’s Mitsui & Co, and an interesting one for complex deals with multiple moving parts and a high degree of ECA and multilateral collaboration. I’m excited to see how our team can build on this success.” Support from UKEF and HSBC UK has allowed us to bring our exporting business to new heights, especially in Asia and the Middle-East. James Balfour, finance director at Ward, concluded: “We have seen a phenomenal year of growth since this financing was agreed. Backed by the right financing, innovative businesses like Ward are supporting growth and reducing waste in the UK whilst making global supply chains more sustainable – this is something which we are proud to support.” Tim Reid, UK Export Finance CEO, said: “Stories like Ward’s show how UKEF, working with financial institutions like HSBC UK, can unlock new exporting opportunities for firms across the country. In March 2023, less than a year after UKEF unlocked this £9 million financing deal, Ward achieved its highest monthly export sales of metals. This allows it to load multiple ships simultaneously – each carrying up to 20,000 tonnes of material – and therefore export more metal in less time. ![]() Ward has since used the additional funds to increase the amount of metal for export which is processed and stored at its docks in Immingham and more recently Cardiff. Through its GEF product, UKEF provides partial guarantees to banks which help UK exporters gain access to trade finance facilities. HSBC UK secured a loan guarantee from UKEF for an extra £9 million in financing, with the guarantee issued under UKEF’s General Export Facility product this allowed HSBC UK to release the funding to Ward. In 2022, HSBC UK agreed to provide export funding with backing from UKEF to help Ward expand and meet significant demand for recycled metal from clients in India, Pakistan, Turkey and Egypt. It serves a growing export market for recycled scrap metal, shipping reclaimed material to a global client base. Ward specialises in metal recycling and waste management, helping a range of sectors reduce their impact on the environment by collecting their materials and recycling as much as possible. This service is available to ensure that no viable export fails for want of finance. The fourth-generation family business achieved record turnover and international sales in 2023 at £312 million, thanks in part to backing from UK Export Finance (UKEF), the Government department responsible for issuing loans, guarantees and insurance. This is something which Ward, one of the UK’s largest independently-owned recycling firms, can attest to. They also export to a growing international market, helping the UK manage its waste more sustainably while at the same time supporting jobs, boosting trade and helping to grow the economy. ![]() With the UK generating over 222 million tonnes of waste each year, recycling and waste management are booming sectors.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |