The first ever government-backed green transition loan has been awarded to consultancy firm Wood to develop opportunities in clean energy, hydrogen and decarbonisation.
The £430 million loan, directly backed by the UK Export Finance (UKEF), will allow Wood to take advantage of green trade opportunities – which are projected to deliver up to £170 billion of export sales for the UK by 2030.
The announcement was made by International Trade Secretary Liz Truss, with a belief the loan will enable Wood to accelerate the speed at which it can grow its business – investing in future low carbon growth areas and taking advantage of the energy transition, as well as invest in clean growth projects around the world and enhance its research and development in clean growth sectors.
The Aberdeen-based firm currently employs close to 7,000 people and reportedly generates around £400 million annually from its exports. It has pledged to increase its clean growth portfolio, cut its greenhouse gas emissions and use the loan to propagate green jobs and export revenue.
Ms Truss 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.”