Venterra secures UKEF-guaranteed export finance facility

HSBC UK has supported the group with a £30M performance bond facility, which was part-guaranteed by UKEF and will be used for the export of services across the world.

The funding will allow Venterra to explore a greater volume of offshore wind energy projects by increasing cash flow to support advance payments and bonding requirements.

Venterra has acquired a number of companies in the offshore wind space since it was founded, and engineers, builds and supports offshore wind developments, providing services including engineering, environmental and geotechnical analysis, hydrographic surveys, UXO and metocean data analysis.

The company is targeting growth in Northern Europe and Asia Pacific markets, at a rate of around 20 per cent per annum.

Venterra executive vice president of engineering Paul Doherty said, “We are pleased to be strengthening our relationship with HSBC. Support from UKEF is incredibly valuable as we expand our export services.”