Asked by: Lord Strathcarron (Non-affiliated - Excepted Hereditary)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether they knew in November 2025, when Hive Energy Ltd secured a £60 million loan from HSBC guaranteed by UK Export Finance, that it was close to bankruptcy; who authorised the loan on behalf of His Majesty's Government; and what due diligence was performed in connection with this.
Answered by Lord Stockwood - Minister of State (HM Treasury)
This transaction was originally underwritten in 2023 and renewed in 2025 by UKEF. As with all its transactions, UKEF applied its rigorous risk criteria and continues to monitor Hive Energy. UKEF provided Hive Energy with a General Export Facility alongside Hive’s partner bank, with which it shares the risk of default.
UKEF charges a commercial, risk-based premium and operates at no net cost to the taxpayer over the economic cycle – returning £146 million in profit to the Exchequer in the last financial year.