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UK Export Finance appoints renewables specialist for north England
Based locally, Rachel Ashley will work directly with energy companies in the North of England to support them in securing finance for export contracts and connecting them to overseas renewable and clean tech projects through UK Export Finance’s (UKEF’s) growing network of international trade experts.
The North plays an important role in energy innovation in the UK, with the development of electric vehicles by Nissan in Sunderland, the H21 City Gate Project in Leeds, the Smart Grids Centre based in Newcastle and the Siemens offshore wind turbine factory in Hull.
[co-author: Humzah Irfan]
At Sullivan s monthly seminar in December, Mark Norris, partner at Sullivan’s London office, reflected on a roller-coaster year in 2020, breaking down key trade finance related events and picking up on common themes with a view on how issues from 2020 might feed into 2021.
Key points from Mark’s presentation included:
Sanctions – President Trump’s use of the US sanctions regime has been keen to say the least, with US secondary sanctions having a wide, extrajudicial impact on financial markets. This extrajudicial reach was explored by the Court of Appeal in
Lamesa Investment Ltd v Cynergy Bank Ltd, which considered whether the failure to tender payment under an English law facility agreement was excusable by virtue of US secondary sanctions. The UK’s Global Human Rights Sanctions Regulations 2020 will likely result in more onerous due diligence processes in the future. Watch this space.
Prime Minister Boris Johnson has outlined plans to allocate at least £3bn of the international climate finance that the UK will spend through to 2026 on nature-based solutions.
The deal is underwritten by a syndicate of banks and is supported by a partial guarantee from UK Export Finance under its Export Development Guarantee scheme.