Wood to expand its hydrogen operations with £430m UK Export Finance green loan

Wood to expand its hydrogen operations with £430m UK Export Finance green loan

Wood will expand its transition to cleaner energy by capitalising on opportunities linked to hydrogen with the first ever green transition loan backed by the UK Export Finance (UKEF).

The loan, expected to be around £430m ($585m), will give Wood the financial resource to expand its green operations, particularly in the field of hydrogen, with the clean gas recognised as a key piece in the jigsaw for decarbonising the UK.

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The £430m ($585m) commercial loan, supported by an 80% UKEF Transition Export Development Guarantee, will give Wood the financial resources to enhance its green growth plans.

This includes accelerating the speed at which Wood can organically grow its business by investing in future low carbon growth areas linked to the energy transition in the UK and abroad.

In addition to this, the funding will provide critical working capital for deployment in clean growth projects around the world whilst it will also provide additional funds for Wood’s research and development in clean growth sectors with hydrogen set to play a part in this.

Overall, this will help significantly reduce Woods’ greenhouse gas emissions over the five-year tenure of the facility.

Liz Truss, the UK International Trade Secretary, said, “Green trade presents a major economic opportunity for Britain that will drive high-value jobs in every part of the nation. Wood has already made great strides in repositioning its business for a low-carbon future.

“I am delighted it is the first company to energise its clean growth plans using UKEF’s new Transition Export Development Guarantee, which will support thousands of green jobs.”

Robin Watson, Chief Executive at Wood, said, “We recognise the unstoppable momentum behind the energy transition and are committed to providing the practical solutions to help deliver a net-zero future.

“We are already well advanced with our own transition, deliberately broadening our portfolio across energy and supporting our clients to achieve their own carbon reduction goals.

“UKEF’s support will allow us to accelerate this journey and capitalise on the many opportunities emerging as we build the low-carbon energy systems of the future.”

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