UK Export Finance (UKEF) has announced today that it received £2 billion funding towards its lending facility for clean energy projects.

The new funding amount has been allocated to support clean growth projects as global economies shift away from fossil fuels to renewable and low carbon solutions.

UKEF recently provided £230 million of project finance guarantees for one of Asia’s largest offshore wind farms in Taiwan .

London-headquartered Solarcentury landed £47.6m, funded by UK Export Finance (UKEF), in January 2020.

Chancellor of the Exchequer, Rishi Sunak, said: “This decade will provide even more opportunities for British businesses to export and trade with new partners across the world.

“The Government will support businesses to seize these opportunities and thrive on the world stage.

“This package – which is the highest level of export lending the Government has ever made available – will provide support to industries and regions across the country.”

Welcoming the Chancellor’s decision to boost UK Export Finance’s facilities, UKEF’s Chief Executive Officer Louis Taylor claimed the funding would “encourage overseas companies to source from the UK and help exporters across the country succeed abroad”.

She added: “This is a huge increase to our capacity to support UK exports.”