BAKU, Azerbaijan, May 24. UK Export Finance (UKEF), the UK's export credit agency and a ministerial department of the government, is actively tracking solar energy projects in Azerbaijan and is considering other renewable energy projects in the future, UKEF told Trend.
“UKEF is actively seeking out renewable energy projects overseas, including in Azerbaijan. About 2 billion pounds ($2.5 billion) of our direct lending is dedicated to financing clean growth projects,” the source said.
According to UKEF, it has experts across the UK and overseas specifically focusing on supporting UK exports in the renewables and clean growth sectors.
“UKEF has already financed over 800 million pounds ($1 billion) of renewable energy projects overseas since 2019. We are matching this with action. By creating a new 20 person-strong Renewables and Transition underwriting team, we are more than tripling the resources UKEF has to finance deals in sectors like wind power, solar, green hydrogen, grid resilience and decommissioning projects,” the agency said.
The source noted that the full range of UKEF facilities is available to support UK exports to, and investments in, Azerbaijan. The agency has 4 billion pounds ($5 billion) available to support new business and welcomes new applications for support.
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