Wedoany.com Report-Dec 11,JDR Cable Systems is set to expand its operations in the global floating wind sector after a UK Export Finance (UKEF) guarantee helped it secure £30 million in financing.
The UK-based company supplies subsea power cables to offshore wind facilities worldwide.
Supported by an 80% UKEF guarantee, HSBC UK, Societe Generale and Bank Gospodarstwa Krajowego (BGK) issued a performance bond which now allows JDR to deliver new projects supporting the global transition to net zero.
Recent major contracts secured in Europe and the US have significantly bolstered JDR's market presence in these regions.
With the support of the guarantee, the company says it is well-positioned to expand its global operations.
Chief executive officer at JDR and TELE-FONIKA Kable Monika Cupiał-Zgryzek said: "We are proud to be at the forefront of the global renewable energy transition.
"The support from UK Export Finance is pivotal in enabling us to expand our operations and meet the growing demand for high-quality, high-voltage subsea and land cables.
"This investment not only strengthens our market position but also underscores our commitment to innovation, job creation, and the decarbonisation of the energy sector.
"As we continue to grow, we remain dedicated to contributing to the UK’s leadership in offshore wind manufacturing and the global push towards net-zero emissions by 2050."
This is the third occasion where UKEF's backing has supported JDR in securing more overseas contracts. In 2015, UKEF issued guarantees to help JDR grow its pipeline of export projects.
A £100m working capital loan was then agreed in 2022 – financed by the same consortium of lenders as this new guarantee – to support the construction of a state-of-the-art submarine cable production facility.
This is due to create 171 jobs in the East Sleekburn, Cambois, and Blyth areas of Northumberland, while supporting the broader UK supply chain and local apprenticeships.
