Offshore Design Engineering wins Poland offshore wind deal
A UK engineering firm has secured a major contract to design an offshore wind farm in Poland, with support from HSBC UK and UK Export Finance (UKEF).
Offshore Design Engineering's (ODE) secured €900,000 finance from HSBC UK, whose facility is back by an 80% guarantee from UK Export Finance.
The loan has enabled ODE to maximise working capital efficiencies, grow its multi-million-pound export pipeline and supply one of Poland’s biggest offshore wind farms, which is set to provide clean electricity to up to one million Polish households.
Andrew Baker, Managing Director at ODE, said: “The UKEF support has been really important, allowing us to expand our resources and move into different markets at the same time. The ability to take what we’ve learned in the offshore industry in the UK, and help other countries to do that, is very meaningful and I’m proud of the momentum we have achieved so far.”
ODE’s engineers and project managers help design the wind farms and then assist in their development, from conception to commissioning. Its core export markets are Taiwan, Japan, South Korea, Germany, France, the USA, Poland, and Vietnam.
For one major overseas project, the Baltic Power offshore wind farm to the north of the Polish coastline, ODE was required to provide a performance bond in a short timeframe, which had cashflow impacts for the growing business.
After approaching HSBC UK and UKEF for support, ODE was able to secure the contract, accessing the financing it needed under UKEF’s General Export Facility (GEF). ODE has since become established in Poland and won a number of additional renewable scopes in the country.
The business now has a strong export pipeline, with the flexibility provided by the GEF allowing ODE to pitch for larger contracts both in Poland and in new markets around the world.
Richard Armstrong, Export Finance Manager at UK Export Finance, said: “ODE is a prime example of a business that is exporting UK expertise to champion the green energy transition around the world. As we enter 2022 taking forward the recommendations made at COP26, I’m delighted that we could provide this support and hope other businesses will recognise similar potential.”
Daniel Ellis, Corporate Relationship Manager for HSBC UK, said: “HSBC UK is committed to supporting businesses as they look to prioritise sustainable initiatives and is pleased to have provided funding for ODE as it continues to invest in the use of green energy in the UK and Europe. The opportunity for growth in the sector is rapidly increasing and we look forward to continuing working with ODE."