TAG Energy's delight at funding support package
Oct 13 2010 by Peter McCusker, The Journal
DEALMAKERS on Teesside helped pull together a package of financial support for a renewable energy project which could lead to the creation of up to 400 new jobs.
Evolution Business and Tax Advisers provided management accountancy support to secure funding for the recent TAG Energy Solutions deal.
TAG has secured finance from a number of sources to create the UK’s first offshore windmill tubular foundation manufacturing facility for North Sea wind farms.
Evolution has a long-standing business relationship with the company, which has seen it evolve from oil and gas to the renewable energy sector.
Andrew Rowe, senior manager at Evolution, said: “The team has been delighted to play their part in securing the contract. The development of the new £20m facility presents the area with a tremendous opportunity and as a local business we are delighted to have played our part in securing the contract.”
Alex Dawson, chief executive of TAG Energy Solutions, said: “The support and advice from Evolution has been excellent. We are particularly appreciative of their clear understanding of the business demands during this process and the commitment made in helping us achieve the desired result.”
Evolution is a North East accountancy, business advisory and taxation practice with offices in Middlesbrough, Hartlepool and Darlington.
TAG Energy Solutions will develop the new facility in the former shipyard at Haverton Hill, Billingham, after securing financial support from international venture capital players Platina Partners and Environmental Technologies Fund (ETF).
The initial phase of development will create 100 new jobs for a core workforce and a further 300 jobs to service orders. David Eason, chairman of TAG Energy Solutions, said: “This is a major step forward in positioning UK manufacturing as a serious player in the creation of offshore wind farms.”
As well as the investment by Platina and ETF, grants totalling £3m have been committed by Department for Energy and Climate Change and regional development agency One North East.
Ian Williams, ONE’s director of business and industry, said: “When you consider the other energy sector-focused countries bordering the North Sea, such as Norway and the Netherlands, which could have been the first to establish this kind of facility, it is a fantastic achievement that the North East is on course to become the hub for renewable energy development.”
