Memorandum of understanding signed at CERAWeek energy conference signals closer cooperation on joint financing for clean energy projects.
-
UK Export Finance offers financing for US projects alongside the Department of Energy Loans Program Office (LPO).
-
LPO's first ever memorandum of understanding with a European export credit agency creates opportunities for UK renewable energy and technology firms.
UK Export Finance (UKEF), the UK's export credit agency, has signed a memorandum of understanding (MoU) with the U.S. Department of Energy Loan Programs Office (LPO).
Signed at the CERAWeek energy conference in Houston, Texas, the agreement signals UKEF and the LPO's interest in considering potential new joint financing opportunities for energy and green infrastructure projects.
The signatories were Vomic Nur Shah, Global Head Business Origination and Client Coverage at UKEF, and Jigar Shah, Director of LPO.
This is the first-ever MoU between a European export credit agency and LPO, which has closed over $30 billion in financing deals for energy and advanced technology vehicle projects in the last decade.
Collaboration and co-financing with UKEF are expected to create new opportunities for British businesses of all sizes - including smaller firms - looking to support US energy and decarbonisation projects.
UKEF has a capacity of up to £5 billion for supporting exports to the United States. The export credit agency has a regional head, Jesse McDougall, based at the British Consulate General in Houston and dedicated to supporting new business for UK exporters in North America.
Tim Reid, CEO of UK Export Finance, said:
The US remains the UK's biggest trading partner, and this Memorandum of Understanding is an important step which helps us to continue strengthening economic ties and reducing carbon emissions.
I look forward to seeing our partnership nurture new opportunities for both the US energy transition and for British exporters.