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A&O advised SeAH Wind on funding the world’s largest wind monopile manufacturing facility

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Allen & Overy (A&O) has advised SeAH Wind Ltd. (SeAH Wind), a major Korean monopile manufacturer, on its GBP 367 million financing for the construction of the world’s largest wind monopile manufacturing facility, located in Teeside, UK. UK Export Finance (UEKF) and South Korea’s export credit agency Korea Trade Insurance Corporation (K-Sure) assisted SeAH Wind to secure financing for the project.

SeAH Wind, a subsidiary of SeAH Steel Holdings (SeAH Steel), was established in 2019 to bolster SAH Steel’s position in entering the burgeoning offshore wind market by leveraging SeAH Group’s expertise and experience in steel pipe manufacturing, offshore engineering, and renewable energy.

The deal marks the world’s biggest wind monopile factory project and the UK’s first offshore wind monopile project, creating 750 jobs by 2027 and 1500 supply chain jobs. The factory will annually produce up to 200 monopiles which form the foundation of offshore wind turbines, making it a critical component for the growth of the global renewable energy sector.

The A&O team was led by partner Henry Sohn with support from associate Alice Park.

This transaction is a milestone for UK-Korea collaboration in the green economy. It leverages export finance and credit and renewable energy to deliver a complex and innovative financing solution that supports SeAH’s vision of becoming a global leader in offshore wind monopile production.

Henry Sohn, partner

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