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With a Large Business Portfolio in the Oil and Gas Sector in Brazil, Ukef Now Seeks Greater Focus on Renewable Ventures in the Country and Intends to Enter into Contracts in the Offshore Wind and Green Hydrogen Sectors
During an event hosted by the British Embassy with businesspeople and representatives from the British government on Tuesday (06/07), the British credit agency UK Export Finance (Ukef) discussed plans for the Brazilian market. According to the company, the focus now is on renewables in the country and potential businesses involving offshore wind power projects and the latest bet of the national energy sector, green hydrogen.
Ukef Aims to Focus on Renewables Within the Brazilian Market, Targeting Green Hydrogen and Offshore Wind Power Businesses in the Country
The UK’s export credit agency, Ukef, is on a trade mission in Rio de Janeiro this week and held a meeting with representatives from the national and English energy sectors to discuss potential projects in the country. This is because the company now intends to enter into new contracts in the green hydrogen and offshore wind sectors in the country, as a way to expand its renewable portfolio in Brazil.
The company already has a significant presence in the national market, having signed a series of contracts with the Brazilian state-owned company Petrobras during 2021 for oil and gas business. Now, Ukef is looking to offer financing lines for purchasing equipment from suppliers in the UK in the new energy segments.
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Brazil is a global leader in renewable energy generation, and the company’s interest in the country is based on the strong growth of the sector in recent years, driven by the national energy transition.
Thus, Ukef’s Business Manager, Charles Hickson, commented on the business opportunities in the renewable energy sector in the Brazilian market, highlighting that “There are many opportunities in Brazil, both onshore and offshore, in the future. We have already worked with Petrobras, and now we are very excited to look to the future with offshore wind and hydrogen (…) Three years ago, I was here to finance projects in the oil and gas sector, and today we are here looking at renewable projects.”
United Kingdom Seeks to Invest in Energy Transition, and Agency Takes Advantage of Moment to Focus on Contracts for Renewable Energy Generation in the National Market
The focus on energy transition is not only occurring significantly in Brazilian territory but also across the global market, particularly in Europe. An example of this is the UK’s decarbonization plan, which aims to achieve 5 GW of low-carbon hydrogen production capacity by 2030 for use throughout the economy, thus providing a new perspective on the use of alternatives such as green hydrogen and wind power for a more sustainable future.
As a result, British companies are increasingly interested in new renewable energy businesses, as is the case with Ukef, which, while expanding its presence in the sector within the UK, seeks ventures in the international market.
The company also has strong dealings with the oil and gas sector in Brazil, as Petrobras used a credit line from Ukef to finance exploration and production equipment for oil and gas in the Campos, Santos, and Espírito Santo Basins in 2018, and continues with the contracts to this day.
Now, Ukef is not limited to partnering with the Brazilian state-owned company and intends to bring new credit line opportunities for other companies that are developing green hydrogen and offshore wind projects in the country.
