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Renewable Energy: Finance

Volume 475: debated on Tuesday 6 May 2008

To ask the Secretary of State for Business, Enterprise and Regulatory Reform what assessment he has made of the reasons for the level of applications for the UK Export Credits Guarantee Department's £50 million credit line for renewable energy projects; what steps he is taking to encourage more applications; and if he will make a statement. (202011)

ECGD's renewable energy initiative has generated a number of approaches since its introduction in 2003, though there has been no take up of ECGD cover so far. The main reason would appear to be that most opportunities to date for exporters in the emerging UK renewable energy sector have arisen in OECD markets where ECGD cover is not generally required.

ECGD officials continue to work alongside colleagues in BERR, UKTI and relevant trade associations to promote awareness of the ECGD cover availability. As a result of contact with the British Wind Energy Association, ECGD is currently following up approaches for potential wind turbine exports with a combined value of up to £10 million.