A British engineering company has been awarded a major contract for an offshore wind contract, thanks to government support.
Wimbledon-based Offshore Design Engineering Ltd (ODE) has secured the deal to design an offshore wind farm, backed by €900,000 (£745,722) funding from HSBC UK, the installation of which is backed by a guarantee 80% of UK Export Finance (UKEF).
The loan enabled ODE to maximize its working capital efficiency, develop its export pipeline and supply one of Poland’s largest offshore wind farms, which is expected to provide clean electricity to up to to a million homes.
ODE’s engineers and project managers participate in the design of wind farms and support their development, from design to commissioning.
Andrew Baker, Managing Director of ODE, said: “UKEF’s support has been very important, allowing us to extend our resources and enter different markets simultaneously. The ability to take what we have learned in the offshore industry in the UK and help other countries to do so is very significant and I am proud of the momentum we have achieved so far .
The company’s main export markets are Taiwan, Japan, South Korea, Germany, France, the United States, Poland and Vietnam.
Richard Armstrong, Head of Export Finance at UKEF, added: “ODE is a great example of a company exporting UK expertise to champion the green energy transition around the world. As we enter 2022 following the recommendations made at COP26, I am delighted that we can provide this support and I hope that other companies will recognize a similar potential.