FoundOcean Secures Major Offshore Wind Contract in Taiwan

Scotland’s FoundOcean has secured a contract to provide foundation grouting for a 100-turbine offshore wind project in Taiwan.

The contract is expected to create 30 new jobs at the Livingston-based company.

FoundOcean won the contract after receiving financial support from UK Export Finance (UKEF), the UK government’s export credit agency.

UK’s International Trade Minister, Graham Stuart, visited FoundOcean to announce this export contract.

”The UK has one of the world’s best export credit agencies in UKEF, which will help Scottish exporters like FoundOcean as we level up every part of the UK and build back greener from the pandemic,” Graham Stuart MP, Minister for Exports, said.

”UKEF is helping us to accelerate the transition to clean energy, which will bring prosperity and a wide range of sustainable jobs to Scotland.”

The capacity of the undisclosed wind farm project is over 1 GW.

FoundOcean has transitioned towards renewable energy over the last decade, with 80 per cent of the company’s businesses now coming from renewable energy projects.

”Our business has been running for over fifty years and in the last few, we’ve managed the transition to mainly renewable energy,” Jim Bell, CEO of FoundOcean, said.

”Thanks to UKEF’s support, we have been able to fulfil a major contract, grow our business and create vital jobs for people across the country. We’re so proud to play a part in powering Taiwan’s own green energy drive.”

UKEF has provided GBP 500 million of financing for three offshore wind projects in Taiwan since late 2019.

Offshore wind projects often require a performance bond – ensuring completion of the project – at up to 15 per cent of the contract value before work is even commenced.

This would have meant putting a significant deposit forward and, due to the scale of the Taiwan project, FoundOcean was unable to arrange this through its bank. UKEF stepped in with bond support that enabled FoundOcean to fulfill the contract.

Craig Green, Export Finance Manager at UKEF, said: ”Businesses like FoundOcean are central to the world’s renewable energy revolution, and UKEF is here to ensure they can export their specialist products across the globe, get paid, and create more jobs to support the transition.”