Close Brothers wind farm specialists
Close Brothers Marine and Aviation is a finance company that has become a specialist in providing finance for wind farm vessels. At their recent exhibit at Seawork the company had visits from several foreign potential owners. One came from Japan as the owners of the first wind farm vessel in that country whilst they were also in contact with the owners of the first wind farm vessel building in the US where British expertise is being used.
Marine finance on a British registered workboat is arranged through a marine mortgage. This is registered with the Marine and Coastguard Agency which ensures that the mortgage is revealed in the ownership of the vessel thus providing a degree of security. Close Brothers has a very flexible approach to financing of workboats in terms of the interest payments, the currency of the loan and the interest/capital repayments. Interest only loans are also available in some circumstances.
Close Brothers has also been award a grant of £40 million under the regional growth fund in the UK. This can be used towards helping ship and boat builders and offers a 20% grant towards new investment where there is a commitment to retaining existing employees or increasing their staff.
Close Brothers Marine and Aviation Division is a subsidiary of the Close Brothers Group that is now close to reaching its 150th anniversary. The Group provides financing and financial services over a wide area of industry and business. The Marine and Aviation Division has exhibited at Seawork for several years and this year was the lead sponsor of the pontoon area. The group was impressed with the event, stating that: ‘The exhibition has and will continue to be an important part of our plans to continue to grow our presence in the commercial marine sector’.
By Dag Pike
Related Articles
INDUSTRY NEWS
ENVIRONMENT
INSURANCE, LEGAL & FINANCE