On March 19, 2024, the U.S. Department of Energy (DOE) Loan Programs Office (LPO) announced a memorandum of understanding (MOU) with UK Export Finance (UKEF) to establish a framework to collaborate on export and infrastructure financing for LPO-supported energy projects. LPO Director Jigar Shah joined UKEF Head of Origination Vomic Nur Shah for the MOU signing. Following the MOU signing ceremony, LPO and UKEF joined more than 40 representatives from the United States, the United Kingdom, and international companies in a roundtable discussion about opportunities to deploy clean energy solutions in the United States.
The United Kingdom is a recognized global climate leader and is home to some of the world’s most innovative and successful clean energy companies and investors. UKEF, the export credit agency of the United Kingdom, provides financial support for exports and contributes to the enhancement of the national economy of the United Kingdom. UKEF has ambitious portfolio decarbonization plans and a strong track record of deploying capital for clean energy companies.
UKEF has country capacity to support financing projects in the United States of up to £5 billion ($6.3 billion) and provided a record £3.6 billion ($4.5 billion) globally, for sustainable projects in 2021 alone. Partnerships with institutions like UKEF are critical to building the clean energy economy of the future, a key pillar of the U.S.-U.K. Atlantic Declaration launched last year by President Biden and Prime Minister Sunak.
About LPO
The Department of Energy’s Loan Programs Office finances large-scale, all-of-the-above clean energy infrastructure projects in the United States. LPO manages a portfolio comprising more than $30 billion of loans, loan guarantees, and conditional commitments covering more than 30 projects, resulting in more than $50 billion in total project investment.
About UKEF
UK Export Finance is the United Kingdom’s export credit agency that provides financing and insurance to U.K. exports. UKEF was founded 105 years ago, has financed projects in over 200 countries, and works with over 100 private credit insurers and lenders to help U.K. companies access export finance, fulfill contracts by supporting working capital loans, and get paid by insuring against buyer default.
