Wind turbine parts factory gets £225m boost

SeAH Wind's factory is being built at Teesworks, near Redcar

A wind turbine parts factory under construction has secured £225m of investment.

SeAh Wind UK's said the money for the site at Teesworks Freeport, near Redcar, will increase its capacity to build bigger parts.

It will make monopiles - the structures that support offshore wind turbines - which will then be exported to Europe and the US.

Chris Sohn, chief executive of SeAH Wind UK, said the company's aims was to become the country's first monopile manufacturer and "make a significant contribution to the UK economy".

The manufacturing firm is owned by South Korea's SeAH Steel Holding, which broke ground at Teesworks in 2022.

The company was able to access the additional funding after it received financial guarantees from UK Export Finance (UKEF) and Korea Trade Insurance Corporation.

UKEF said the investment in the factory would create 750 jobs by 2027.

The finance has been provided by Standard Chartered Bank and HSBC UK.

Ian Stuart, CEO of HSBC UK, said: "Through its expanded manufacturing capabilities, the factory will significantly contribute to the needs of the offshore wind industry and play an essential role in addressing the growing demand for renewable energy."