Marinus Link has chosen insurance and risk management firm Lockton as its advisor and broker for its landmark interconnector project that is expected to supply almost 1.5 million Australian homes with electricity.
“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 national manager and project lead Anthony Meakin told Insurance Business Australia.
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“There are numerous interconnectors 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,” said Meakin.
Connecting Tasmania and Victoria, the $3.5 billion Marinus Link is a proposed 1,500MW electricity and telecommunications undersea cable 255km in length.
Marinus Link is a subsidiary of TasNetworks that owns and operates the electricity transmission and distribution networks in Tasmania.
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“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,” Lockton national manager for power and energy Ranga Jayaratne said.
“Achieving a successful, bankable-insurance program for such a critical project in delivering Australia’s net-zero commitments is our top priority.”
