The Marinus Link interconnector between Tasmania and Victoria appoints world-scale insurance and risk management team Lockton, underpinning landmark project.
• A vastly experienced major project insurance team has been assembled by Lockton, spearheaded by highly experienced on-the-ground experts seamlessly working with their colleagues situated in the London energy hub.
• The team are backed by global insurance broking centres of excellence in London, Houston and Singapore.
• Lockton, the world’s largest privately held insurance brokerage, retains a critical objective to deliver a bankable insurance program that underpins the risk and risk financing needs of the Marinus Link Project. This support extends through to the commercial operations which are anticipated towards the end of the decade.
Lockton is proud to be selected as the insurance advisor and broker for the Marinus Link Project.
Commenting on the announcement, Antony Meakin, National Manager and Lockton project lead, said: “There are numerous inter-connectors (under-sea cables) planned, underway or recently completed around the world. However, the availability of insurance capital is discerning in a ‘harder’ market and very selective to which projects to support. Lockton’s proven major project approach will maximise the market response to what is an epoch-defining project for Australia and the country’s commitment to unlocking renewable energy.”
Lockton Australia retains dedicated major projects capabilities with experts who have successfully delivered world-scale mega projects and have the know-how garnered from global experience. This is delivered seamlessly with Lockton’s Energy and Construction centres of excellence in London, Houston and Singapore.
“Achieving a successful, bankable-insurance program for such a critical project in delivering Australia’s net-zero commitments is our top priority. Helping to deliver the battery of the nation to the mainland, harnessing Tasmania’s world-scale renewable energy generation, is a once in a generation opportunity and our team is immensely honoured to have been selected by Project Marinus.” said Ranga Jayaratne, National Manager - Power & Energy, Lockton.
"Interconnector projects present unique insurable-risk challenges and Lockton’s global team of diverse expertise is delighted to be part of the Marinus Link project team.”
About Marinus Link
The $3.5bn ($2021) Marinus Link interconnector is a proposed 1500 megawatt electricity and telecommunications connection between Victoria and Tasmania.
Marinus Link involves approximately 255 kilometres of undersea High Voltage Direct Current (HVDC) cable and approximately 90 kilometres of underground HVDC cable, plus converter stations in Tasmania and Victoria. The supporting North West Transmission Developments in North West Tasmania involves the construction of approximately 240 kilometres High Voltage Alternating Current (HVAC) transmission lines.
Marinus Link will unlock emission reductions of at least 140 million tonnes of CO2 by 2050, the equivalent of taking approximately a million petrol/diesel cars off the road.
1500 megawatts equates to supplying approximately 1.5 million Australian homes with electricity at any given time.
Project Marinus (Marinus Link plus North West Transmission Developments) will create at least 2800 direct and indirect jobs through construction, with direct economic investments in regional areas of approximately $3bn.
Lockton is the world’s largest privately-held insurance brokerage. It has 8,500+ professionals in over 100 offices, focused on providing more than 65,000 clients with the best in risk management, insurance, and employee benefits services.