• Export Credit Agency provides guarantee to develop one of Asia's largest offshore wind sites

• Backing of wind farm will unlock opportunities for British exporters, strengthening Britain's position as a clean energy superpower

UK Export Finance (UKEF) is guaranteeing financing for a major offshore wind farm project in Taiwan, creating export opportunities for British businesses.

In support of the government's Plan for Change and its mission to kickstart economic growth, UKEF – the UK government's export credit agency – is providing a €146 million Buyer Credit Guarantee to assist the development of 632MW of renewable energy capacity off coast in the Taiwan Strait.

The deal enables British exporters Cadeler, CRP Subsea, Ordtek, and Cathie to secure contracts to provide specialised services and critical components.

It also supports jobs across the UK's renewable energy supply chain, reinforcing Britain's position as a global leader in the low-carbon transition – a key ambition set out in the government's modern Industrial Strategy.

Ørsted, the lead sponsor for this project, is a great example of a business transforming from one reliant on fossil fuels to one based on renewable energy.

The new wind farm will result in reductions of carbon emissions estimated at 1,118,000 tonnes of carbon dioxide equivalent per year.

The project is being financed in collaboration with export credit agencies from Denmark, Norway, South Korea, and Taiwan.