With the first ever green transition credit funded by the UK Export Finance, Wood will accelerate its shift to cleaner energy by capitalizing on hydrogen-related opportunities (UKEF).
The loan, which is projected to be around £430 million ($585 million), would provide Wood with the financial resources it needs to expand its green operations, particularly in the sector of hydrogen, which is recognized as a critical piece in the jigsaw for decarbonizing the UK.
The £430 million ($585 million) commercial loan, backed by an 80 percent UKEF Transition Export Development Guarantee, would allow Wood to expand its green growth plans.
This includes boosting the rate at which Wood may develop organically by investing in future low-carbon growth areas related to the energy transition in the UK and internationally.
Furthermore, the money will offer crucial working cash for deployment in clean growth projects around the world, as well as additional finances for Wood’s research and development in clean growth industries, with hydrogen playing a role.
Overall, this will drastically cut Woods’ greenhouse gas emissions over the facility’s five-year lifespan.
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.”