Offshore Design Engineering Ltd (ODE) has powered into Poland, after securing the contract for a major offshore windfarm development.
ODE used the General Export Facility from UK Export Finance (UKEF), gaining a €900,000 package financed by HSBC UK. HSBC UK and UKEF’s support provided working capital benefit by bridging the cash flow gap caused by contractual milestones.
The Baltic Power offshore wind farm is a major development to the north of Poland set to provide clean electricity to one million households. ODE’s engineers and project managers have helped design the wind farm and assist in the development from concept to commissioning.
Andrew Baker, Managing Director at ODE, commented: “The UKEF support has been really important, allowing us to expand our resources and move into different markets at the same time. The ability to take what we’ve learned in the offshore industry in the UK, and help other countries to do that, is very meaningful and I’m proud of the momentum we have achieved so far.”
ODE was required to provide a performance bond in a short timeframe – which had cashflow impacts for the growing business. The funding enabled ODE to maximise working capital efficiencies and grow its multimillion-pound export pipeline.
After approaching HSBC UK and UKEF for support, ODE was able to secure the contract, accessing the financing it needed under UKEF’s General Export Facility (GEF).
ODE has since become established in Poland with a number of additional renewable scopes being won in the country. The business now has a multi-million level pipeline, with the flexibility provided by the GEF allowing ODE to pitch for larger contracts both in Poland and in new markets around the world.
Richard Armstrong, Export Finance Manager at UK Export Finance, said: “ODE is a prime example of a business that is exporting UK expertise to champion the green energy transition around the world. As we enter 2022 taking forward the recommendations made at COP26, I’m delighted that we could provide this support and hope other businesses will recognise similar potential.”
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