LOC Renewables is to carry out MWS for the project, located near Putian, Fujian province, China, on behalf of Haixia Goldenbridge Insurance Co., Ltd. The agreement represents the first time MWS services have been delivered to the Chinese offshore wind market.
China’s installed offshore capacity jumped more than 60 percent in 2017, and its growing offshore market is aiming for a total grid-connected capacity of 5 GW by 2020. Much of this future offshore development is slated to take place in Jiangsu, Zhejiang, Guangdong and Fujian provinces. As developers becoming increasingly aware of the need for stringent risk management and value that internationally accepted standards can bring to projects, Pinghai Bay will be the first Chinese offshore wind farm to employ MWS to ensure it meets the highest technical standards and minimise project risk. The agreement will see LOC Renewables carry out audit and risk consultancy services for the project from March until the end of 2018.
In recent years, as Chinese offshore wind projects have grown in scale and complexity the need for international expertise in the market has increased. In response, domestic insurers are partnering with international reinsurers to manage and mitigate the associated larger risks. Applying the higher standards required by international reinsurers, LOC Renewables will draw on its extensive experience in European, US and Asian offshore wind markets to provide MWS services on the Pinghai project from its Tianjin office.
“As offshore wind technology continues to proliferate across Asia, successful knowledge transfer based on best practices and lessons learned in the established offshore wind markets becomes ever more important” said Ke Wan, Managing Director, LOC China. “With a wealth of experience in Europe and the US, we’re increasingly working on projects across Asia, and are delighted to now be providing the first MWS services to China’s offshore wind market – services that bring real value in lower risk and will enable the project to achieve its full potential.
Fan Ming, Business Director at Haixia Goldenbridge Insurance, added that, at 250 MW, phase two of the project represents a significant expansion on phase one and that the company wanted to ensure it met the highest technical and risk mitigation standards. Haixia Goldenbridge Insurance chose LOC Renewables for the project because of their global experience and familiarity with and presence in the local market.
With offices located across Asia, LOC Renewables has also provided some of the first MWS services to offshore wind projects in South Korea and Taiwan.
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