UK Export Finance’s (UKEF) annual report and accounts, published this week, reveal its support for exporters from London resulted in £497m worth of overseas sales.
One company supported by UKEF in the last year is London based Solarcentury, which has been selling renewable energy solutions for 21-years with an increasing focus on overseas sales.
UKEF recently guaranteed £47.6m worth of financing to secure the company’s work on two solar plants in Spain. The 300MWp Talayuela Solar project in Extremadura and the 200MWp Cabrera Solar project near Sevilla. Together, the developments will generate enough energy to power more than a quarter of a million homes each year with renewable energy.
Tony Crawte, Chief Financial Officer of Solarcentury said, “UKEF’s support was critical to successfully securing and subsequently fulfilling these contracts. Its flexible approach to finance has been invaluable throughout the last few months, particularly as we work through the Coronavirus pandemic and I anticipate working with them in the future.”
UKEF’s latest results reveal it has provided £4.4bn in support for UK exports over the last year, supporting trade with 69 countries.
There was a sharp increase in companies in UK supply chains benefiting from UKEF support due a significant proportion of UKEF business going to industries with strong UK supply chains, with nearly £2bn for the construction sector and over £500m for manufacturers.
Secretary of State for International Trade, Liz Truss said, “This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts.
“Supporting international trade will be crucial as the UK looks to recover from the impact of the Covid-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”