SeAh Wind UK's said the money for the site at Teesworks Freeport, near Redcar, will increase its capacity to build bigger parts.
It will make monopiles - the structures that support offshore wind turbines - which will then be exported to Europe and the US. Chris Sohn, chief executive of SeAH Wind UK, said the company's aims was to become the country's first monopile manufacturer and "make a significant contribution to the UK economy".
The company was able to access the additional funding after it received financial guarantees from UK Export Finance and Korea Trade Insurance Corporation.The finance has been provided by Standard Chartered Bank and HSBC UK. Ian Stuart, CEO of HSBC UK, said: "Through its expanded manufacturing capabilities, the factory will significantly contribute to the needs of the offshore wind industry and play an essential role in addressing the growing demand for renewable energy."Solar farm landowners urged to put 'community above profit'The consultation will focus primarily on heat pumps and will not cover solar panels which may generate income for a household.