£30 Million UKEF Support Fuels JDR Cables' Global Expansion in the Renewable Energy Sector
UK Export Finance guarantee enables JDR Cables to win overseas contracts connecting renewable energy sources to the grid.
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JDR Cables supplies British-made subsea power cables to offshore wind facilities worldwide.
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The £30 million bond support from UK Export Finance allows JDR Cables to deliver new projects in the floating wind sector.
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New support sits alongside UKEF financing from 2022 for a factory expected to create 171 skilled jobs around Northumberland.
JDR Cable Systems (JDR), a global subsea cable supplier and service provider, part of the TFKable Group, has won new contracts and is set to grow after a UK Export Finance (UKEF) guarantee helped it secure £30 million in financing.
Supported by an 80% UKEF guarantee, HSBC UK, Societe Generale and Bank Gospodarstwa Krajowego (BGK) issued a performance bond which now allows JDR to deliver new projects supporting the global transition to net zero.
Recent major contracts secured in Europe and the US have significantly bolstered JDR’s market presence in these regions. With the support of the guarantee, the company is well-positioned to expand its global operations.
These efforts contribute to the growth of the renewable energy sector and reinforce the UK’s leadership in offshore wind manufacturing.
Gareth Thomas, UK Minister for Services, Small Business and Exports, said:
This deal supports UK export capacity and leadership in the renewables sector. UKEF’s latest financing for JDR Cables shows what the government is doing to back British businesses leading the energy transition and supporting skilled jobs around the country.
Monika Cupiał-Zgryzek, Chief Executive Officer at JDR and TELE-FONIKA Kable, said:
We are proud to be at the forefront of the global renewable energy transition. The support from UK Export Finance is pivotal in enabling us to expand our operations and meet the growing demand for high-quality, high-voltage subsea and land cables. This investment not only strengthens our market position but also underscores our commitment to innovation, job creation, and the decarbonization of the energy sector. As we continue to grow, we remain dedicated to contributing to the UK’s leadership in offshore wind manufacturing and the global push towards net-zero emissions by 2050.
Craig Norbury, Business Development Manager, HSBC UK Global Trade Solutions, said:
We strive to support UK businesses who have ambitions to grow internationally, including when we can achieve this through partnerships with others. In this instance, the fusion of JDR’s sector capability, UK Export Finance’s guarantee and HSBC’s global reach and presence in local markets has proved a winning combination, supporting JDR in bringing their ambitions to fruition.
This is the third occasion where UKEF’s backing has supported JDR in securing more overseas contracts. In 2015, UKEF issued guarantees to help JDR grow its pipeline of export projects.
A £100 million working capital loan was then agreed in 2022 – financed by the same consortium of lenders as this new guarantee – to support the construction of a state-of-the-art submarine cable production facility. This is due to create 171 jobs in the East Sleekburn, Cambois, and Blyth areas of Northumberland, while supporting the broader UK supply chain and local apprenticeships. Once complete, the facility will be the first one in the UK capable of full start-to-finish manufacturing of high-voltage and extra-high voltage subsea and land cables for offshore and onshore wind farms, supporting the growing global renewable energy market.
As the UK expands its floating wind capacity, JDR is positioned to tap into growing demand from countries with deeper waters requiring floating wind turbines.
Backing renewable energy projects is core to the delivery of UKEF’s business plan – in line with the government’s aim to make the UK a clean energy superpower, this will put UK suppliers at the heart of the low-carbon transition with £10 billion in new finance for green exporters by 2029.
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