UK Export Finance is widening its support for British sustainable aviation fuel projects as the Government looks to boost clean aviation, exports and industrial growth.
The export credit agency said it will broaden its eligibility criteria so it can consider a wider range of financing options for UK-based sustainable aviation fuel developments.
The move is intended to unlock more private investment and help projects move from development into commercial production.
Sustainable aviation fuel is seen as one of the main tools available to cut emissions from long-distance flying, where battery-electric and hydrogen aircraft remain less developed.
Some fuels can reduce lifecycle greenhouse gas emissions by up to 80% compared with conventional jet fuel, depending on the materials and production methods used.
The Government estimates UK low-carbon fuel production could support as many as 15,000 jobs and add £5 billion to the economy by 2050.
UKEF announced the changes at the Farnborough International Airshow alongside new agreements involving Turkish Aerospace and Bristol-based electric aircraft developer Vertical Aerospace.
Its agreement with Turkish Aerospace will create a framework for supporting export projects in third-country markets.
UKEF could provide financing worth up to 100% of an eligible contract where at least 20% of its content is supplied by UK companies.
The agency has also agreed a cooperation framework with Vertical Aerospace to support the company’s future export plans as it works towards commercial production of electric vertical take-off and landing aircraft.
Jonathan Reynolds, Secretary of State for Business, Innovation, Science and Trade, said: “Aerospace is one of Britain’s great industrial success stories, supporting skilled jobs and innovation right across the UK, and this new support will harness the potential of not only our manufacturing base but our cutting-edge research and technology and deliver benefits for every postcode.”
Earlier this week, UKEF signed a separate $1 billion (£750m) financing framework with GE Aerospace to support aircraft engine maintenance at sites in Wales and Scotland over the next five years.
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