Published date: 1 October 2021
This notice was replaced on 2 February 2022
This notice does not contain the most up-to-date information about this procurement. The most recent notice is:
Awarded contract (published 2 February 2022)
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Architectural, construction, engineering and inspection services - 71000000
Research and development services and related consultancy services - 73000000
Location of contract
United Kingdom
Value of contract
£90,000
Procurement reference
OREC001-DN573419-69445422
Published date
1 October 2021
Closing date
1 November 2021
Closing time
12pm
Contract start date
22 November 2021
Contract end date
30 April 2022
Contract type
Service contract
Procedure type
Open procedure
Any interested supplier may submit a tender in response to an opportunity notice.
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
No
Description
This project investigates two separate but connected themes that affect the levelised cost of energy (LCOE) of FOW projects: bankability and insurability. Both are impacted by perceived risk, but impact project costs in different ways.
The first large scale (>500MW) UK FOW projects are expected to use long-term debt to finance a substantial proportion of the project. This is one of the drivers of the anticipated rapid cost reduction in FOW LCOE at the end of the 2020s and early 2030s. However, to enable this low cost of capital we need to ensure the finance community understand FOW projects, technologies, risks and opportunities.
This project is aimed at understanding the current views and proposed approach of the finance community to investing in FOW projects, what the industry can do to address any concerns, and raise the profile of the investment opportunities in FOW.
At the same time, insurance premiums for offshore wind farms have been rising sharply in recent years driven by a range of factors. One of the key factors is an increase in claims in certain areas, and hence increased risk / exposure of insurance companies to such claims. All of these areas are directly relevant to FOW, and in some areas the risk profile in FOW may be perceived to be even higher - for example, cable technology. In addition, FOW projects include a number of novel components which shall be critical to performance and integrity of the project - for example, mooring and anchoring systems. In these areas there is a lack of information regarding technology reliability and risk in the context of their application to FOW. This project is aimed at understanding the current views and proposed approach of the insurance community to insuring FOW projects, what the industry can do to address any concerns, and what opportunities there might be for alternative / more appropriate insurance structures to be used within the industry to provide adequate insurance most cost effectively.
To access the tender documents please register as a supplier on ProContract and search for Project DN573419.
About the buyer
Contact name
Clare Colledge
Address
Hayle Marine
Renewables Business Park, North Quay
Hayle
TR27 4DD
England
Telephone
+44 3330041400
procurement@ore.catapult.org.uk
Website
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