In a groundbreaking move aimed at accelerating clean energy initiatives, UK Export Finance (UKEF) has inked a historic memorandum of understanding (MoU) with the US Department of Energy Loan Programs Office (LPO). The signing took place amidst the prestigious CERAWeek energy conference held in Houston, Texas.

This agreement signifies a collaborative endeavor between UKEF and LPO to explore and facilitate joint financing ventures for energy and green infrastructure projects. The MoU, the first of its kind between a European export credit agency and LPO, holds promise for fostering innovation and sustainable development in the energy sector.

Under the terms of the agreement, UKEF will extend financing support to US projects in tandem with the Department of Energy Loans Program Office, opening up avenues for UK renewable energy and technology firms to participate in transatlantic ventures. With LPO having orchestrated financing deals worth over $30 billion for energy and advanced technology vehicle projects in the past decade, this collaboration presents a significant opportunity for British businesses, including smaller enterprises, to contribute to US energy transition efforts.

Tim Reid, CEO of UK Export Finance, expressed optimism regarding the partnership's potential to bolster economic ties and drive environmental progress. "The US remains the UK’s biggest trading partner, and this Memorandum of Understanding is an important step which helps us to continue strengthening economic ties and reducing carbon emissions," Reid remarked. He further underscored his anticipation for the alliance to pave the way for fresh opportunities in both the American energy landscape and the export prospects for British companies.

With UKEF boasting a capacity of up to £5 billion to support exports to the United States, and with a dedicated regional head stationed at the British Consulate General in Houston, the collaboration between UKEF and LPO holds the promise of catalyzing transformative projects in the pursuit of a greener, more sustainable future on both sides of the Atlantic.