With a large business portfolio in the oil and gas sector in Brazil, Ukef is now seeking a greater focus on renewable energy projects in the national territory and intends to enter into contracts in the field of offshore wind energy and green hydrogen
During an event at the Embassy of the United Kingdom with businessmen and representatives of the British government, on Tuesday (07/06), the British credit agency UK Export Finance (Ukef) commented on the plans for the Brazilian market. And, according to the company, the focus now is on renewables in the country and possible business with offshore wind energy generation projects and the newest bet in the national energy sector, green hydrogen.
Ukef intends to focus on renewables within the Brazilian market and has a focus on the green hydrogen and offshore wind energy business in the country
The UK export credit agency, Ukef, is on a trade mission in Rio de Janeiro this week and held a meeting with representatives of the national and British energy sector to discuss possible projects in the country. This is because the company now intends to enter into new contracts within the sector of green hydrogen and offshore wind energy in the national territory, as a way to expand its portfolio of renewables in Brazil.
The company already has a large presence in the national market, having signed a series of contracts with the Brazilian state-owned Petrobras during 2021 for business in the oil and gas sector. Now, UKEF is looking to offer finance lines to buy equipment from UK suppliers in the new energy segments.
Brazil is a world leader in renewable energy generation and the company's view of the country is based on the sector's strong growth in recent years, driven by the national energy transition.
Thus, Ukef's business manager, Charles Hickson, commented on the business possibilities in the field of renewable energies in the Brazilian market and highlighted that “There are many opportunities in Brazil, onshore and offshore, in the future. We have already worked with Petrobras and now we are very happy to look to the future with offshore wind and hydrogen (…) Three years ago I was here to finance projects in the oil and gas area, and today we are here looking at renewable projects” .
United Kingdom seeks to invest in energy transition and agency takes advantage of the moment to focus on contracts for renewable energy generation in the domestic market
The focus on the energy transition is not only taking place in a significant way in Brazil, but also in the entire global market and, mainly, in the European continent. An example of this is the United Kingdom's decarbonization plan, which aims to reach 5 GW of low-carbon hydrogen production capacity by 2030 for use throughout the economy, thus ensuring a new look at the use of alternatives such as hydrogen. green and wind energy for a more sustainable future.
In this way, 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 United Kingdom, is looking for ventures in the international market.
The company also has strong commercialization with the oil and gas sector in Brazil, since Petrobras used a credit line from Ukef to finance oil and gas exploration and production equipment in the Campos, Santos and Espírito Santo Basins, in 2018, and continues with the contracts until today.
Now, Ukef is not just limited to the partnership with the Brazilian state-owned company and intends to bring new credit line opportunities to other companies that have projects for the production of green hydrogen and offshore wind energy under development in the national territory.
