Energy assets are costly to build and test and require a solid business case with reliable cashflows to receive efficient financing. Project owners of new alt-energy technologies require assurance and tangible protection to cover their lost income in case the asset experiences failures. Having this gives the project owner financial certainty. It literally makes the technology bankable. To assure and protect a project owner, specialized energy insurance companies have emerged that provide bankable protection. AW-Energy (AWE) uses Parisco (Oslo, Norway) to provide breakdown and business interruption insurance to owners of their wave-energy installations. Their newest project is underway off the coast of Portugal.
Parisco confirms AWE meeting the standards required by the London insurance markets
“Since 2001, Parisco has proven itself as a leading independent insurance broker and consultant based in Oslo, Norway. We are a client focused organisation of experienced insurance market experts with a focus on the energy industry with clients based in the Nordics and worldwide. Parisco provides strategic insurance advice, develops innovative insurance products, accesses markets globally and is a licensed Lloyd's Broker.” – Parisco.
Vetting the “bankability” of new alt-energy technology
How the Design Process reaches the commercial operations phase
“In order for a prototypical design to reach the commercial operations phase, it is critical for each stage of the design process to be clearly understood by third-party institutions that will issue bankable certification. This will involve rigorous benchmark testing of the engineering from various parties that can prove the technology is robust, reliable and with proper maintenance, can perform under set criteria for the typical lifespan of a project.
“We can therefore confirm AW-Energy has met the standards required by the London insurance markets to support the WaveRoller technology in a commercial capacity, including insurance support for mechanical and electrical breakdown, delay in start-up and business interruption. We therefore look forward to supporting the group in the development and deployment of its project pipeline.” – Parisco.
About the WaveRoller and AW-Energy Oy
The WaveRoller is a device that converts ocean wave energy to electricity. The machine operates in near-shore areas (approximately 0.3-2 km from the shore) at depths of between 8 and 20 meters. Depending on tidal conditions it is mostly or fully submerged and fixed to the seabed. A single WaveRoller unit (one panel and PTO combination) is rated at between 350kW and 1000kW, with a capacity factor of 25-50% depending on wave conditions at the project site. The technology can be deployed as single units or in farms.
Manufacturing of the main components of the WaveRoller have been sourced in Canada, Finland, Italy, Portugal, Spain, Turkey and UK. The WaveRoller technology provides three unique proven benefits:
The WaveRoller is installed and operating in the nearshore area with easy access to the site, protected from extreme conditions with a minimized balance of plant infrastructure cost.
It captures power with a bottom fixed panel (oscillating wave surge converter) – this highly efficient power capture can operate in low-, mid- and high-sea states with no cut-off and with only one moving part.
It converts movement to electricity using an onboard power storage and hydraulic system – with a smooth and grid-compatible power output, the ability to establish and support the grid and a low maintenance design with an onshore substation.
Additional information is available at: www.aw-energy.com.
We handle all types of marine and offshore related insurances. We provide our clients with first class insurance solutions at competitive terms, including but not limited to the following areas of cover:
· Physical damage including total loss
· Business interruption/loss of income/loss of hire/delay in delivery
· Offshore construction/builders risks
· Control of well/redrilling/seepage & pollution
· Offshore liability
· Protection & Indemnity
· War & terrorist risks
· Cargo and equipment
· Special Risks
More information is available at: http://www.parisco.as/