A staggering £138 million is being invested in Kent and will help create new job roles.

The cash boost is for Dover-based Megger Group, which designs, develops, tests and manufactures electrical equipment, to help the company grow and invest in green technologies.

The investment, backed by UK Export Finance (UKEF), was announced by the Secretary of State for International Trade, Anne-Marie Trevelyan, during a visit to the Dover factory this week.

Eighty per cent of the loan, provided by HSBC and Commerzbank, has been guaranteed by UKEF under the government’s Export Development Guarantee (EDG) program - which is designed to drive major investments into a wide range of UK exporters.

This support will enable Megger - based in Dover since 1966 - to expand its exporting capacity and invest £15 million to enhance its factory in Archcliffe Road, as well as bring highly skilled green jobs to the region.

The loan will also enable Megger to invest further in smart grid technology, such as sensors and cable analytics, and provide additional working capital to help the company fulfil overseas export contracts.

Ms Trevelyan said: “The UK is leading the world backing firms like Megger that protect the planet and power home-grown energy.

"Megger is headquartered in the UK with over 130 years’ experience in the electric supply industry.

"Investment through UKEF will grow Megger's UK operations, helping to solidify the UK's energy security and creating high-skilled green jobs that pay well levelling up all areas of the country."

Backing investment in climate friendly technologies is a key part of the Prime Minister's Ten Point Plan for a green industrial revolution.

Megger is an essential part of the UK’s journey to net-zero and future energy security.

Its equipment, technology and expertise will ensure that the country’s national grid can cope with greater demand as fossil fuels are phased out.

As the UK transitions to net-zero, the pressure on the grid will intensify and it will need to run more efficiently.

This support for Megger will help the energy transition, as the additional working capital will enable them to invest further in smart grid technology.

Jeremy Simpson, chief financial officer at Megger Group said: “UKEF has recognised that Megger is a growing company based in the UK, that designs and makes high value-added products with strong global exports, and growth prospects in new markets.

"The UKEF EDG loan guarantee will help us to invest in more smart electricity technologies, to help grid operators with their aims to increase efficiency and save them and consumers money."

UKEF is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.

It has over £2 billion available of direct lending to finance clean growth projects and can offer more flexible financing terms to green exporters.