Global offshore wind services company, Venterra Group, is gearing up for expansion thanks to increased funding from HSBC UK. The UK Export Finance (UKEF) backed funding of £30m in Performance Bond facility will enable Venterra to export its services worldwide. This boost in funding will provide the necessary cash flow to support advance payments and bonding requirements for offshore wind energy projects. As a result, Venterra is looking to grow its presence in Northern Europe and Asia Pacific markets at a rate of 20 percent annually.
Paul Doherty, the Executive Vice President of Engineering at Venterra Group, expressed his excitement about the strengthened partnership with HSBC UK as they work towards advancing the global wind energy industry. The support from UKEF is seen as a valuable collaboration that will help Venterra expand its export services to new markets.
Jamie Castle, Relationship Director at HSBC UK, highlighted the significance of the additional facility provided to Venterra, allowing the company to access previously unreachable markets and extend its engineering services to offshore wind projects worldwide. Carl Williamson, Director of SME and Trade Finance at UKEF, emphasized how the partnership with HSBC UK demonstrates the benefits of a UKEF guarantee in helping businesses like Venterra access more financial resources and expand their global footprint.
Established in 2021, Venterra is a specialized offshore wind energy services group that focuses on engineering, construction, and operational support for offshore wind energy projects across the globe. The company’s growth strategy includes acquiring various businesses within the sector to offer comprehensive services throughout the wind farm lifecycle, from initial design and construction to decommissioning.
The increased funding from HSBC UK, with the support of UKEF, will undoubtedly propel Venterra Group towards achieving its ambitious growth targets and solidifying its position in the global offshore wind industry. With a clear focus on expanding into new markets and enhancing its service offerings, Venterra is well-positioned to capitalize on the growing demand for renewable energy solutions worldwide.
