First ever government-backed green transition loan to support UK clean growth

The first ever government-backed green transition loan has been awarded to support the UK’s clean growth industries.

International Trade Secretary Liz Truss has announced today that engineering and consultancy firm Wood has been awarded the funding, to enable it to seize new clean growth export opportunities.

The £430m commercial loan will be supported by an 80 per cent UKEF Transition Export Development Guarantee, and enable the firm to invest in projects both across the UK and overseas.

International Trade Secretary, Liz Truss, commented: “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, added: “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.”