Korean firm will invest £300 million in Teeside Factory

Korean renewables constructor SeAH Wind is planning to invest £300m in a new turbine factory in North East England. In addition, the expansion is likely to create more than 2,000 jobs in the region.

The company is planning to make the new site operational by 2026. SeAH Wind will produce 150 steel monopiles a year when it fully opens in 2026. The company said in a statement. Initially, they had announced that they will open on the banks of the Humber. However, they will now work from the former steelworks site at South Bank near Middlesbrough. GE Renewable Energy (GE) was previously planning to develop a renewables factory on the site. However, there plans were on halt since December 2021 due to a lack of imminent UK turbine orders. Therefore, SeAH Wind took advantage of the uncertainty at GE’s end and have decided to go ahead with their plans at the very location.

Multiple new job opportunities

The company is also looking to employ more than 2,000 new employees by 2026. According to an initial estimate, the new facility will create 750 direct jobs. Moreover, it will announce another 1,500 jobs in supply chain.

UK Infrastructure Banks’ investment

UK Infrastructure Bank is investing £107m in the project. The company will use this to build a new quay next to the location of the factory. Significantly, it will provide further boost to the offshore wind sector. The firm is looking to make steel foundations for offshore wind turbines from a 90-acre site in Teesworks, next to the River Tees. This area received the freeport status in late 2021. It will create an attractive tax regime for businesses including stamp duty and business rates relief.

The UK government also wants to increase offshore wind turbine production by the end of the decade. Wind power generation is part of their ten-point plan to reach net zero carbon emissions by 2050. Moreover, the government is also very keen to ensure that the expansion in wind power segment will create new job opportunities as well.

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