Boost to Marinus energy project

IN what’s been described as a significant vote of confidence in the Marinus Link project, one of the world’s largest insurance firms will serve as an adviser and broker for the $3.5bn proposal.

Lockton has been engaged to underpin the massive initiative, which would see a 1500MW cable built across Bass Strait, linking Tasmania with the mainland and unlocking more of the state’s renewable energy riches for export to the National Electricity Market.

The insurance team assembled by Lockton has been tasked with delivering a “bankable” insurance program to support Marinus Link through its construction phase and into its commercial operations, which are expected to begin towards the end of the decade.

Lockton national manager power and energy Ranga Jayaratne said interconnector projects presented “unique insurable-risk challenges” but that the firm’s global expertise stood it in good stead to overcome such obstacles.

“Achieving a successful, bankable-insurance program for such a critical project in delivering Australia’s net-zero commitments is our top priority,” he said.

Acting Energy Minister Jacquie Petrusma said Lockton was a “highly reputable” company.

“Having them on board further strengthens the confidence that the national and international markets have in Marinus Link that it will help reduce emissions, deliver reliable and affordable energy for consumers, and bolster Tasmania’s economy through new jobs and investment,” she said.

The proposed cable would boast three times the capacity of the existing Basslink interconnector and would enable savings of at least 140m tonnes of CO2 by 2050.