Award

Floating Offshore Wind - Project Finance (Lot 1) and Insurance (Lot 2)

OFFSHORE RENEWABLE ENERGY CATAPULT

This public procurement record has 2 releases in its history.

Award

02 Feb 2022 at 10:01

Award Notice
Tender

01 Oct 2021 at 16:09

Tender Notice
Summary of the contracting process

The Offshore Renewable Energy Catapult has initiated a tender titled "Floating Offshore Wind - Project Finance (Lot 1) and Insurance (Lot 2)", which focuses on understanding the bankability and insurability of floating offshore wind (FOW) projects. This procurement is classified under architectural, construction, engineering, and inspection services. The tender was published on 1st October 2021, and while the tendering period ended on 1st November 2021, the contract period spans from 22nd November 2021 to 30th April 2022. The total value of the contract is approximately £90,000 and the procurement method is an open procedure.

This tender presents significant opportunities for businesses, particularly those engaged in finance, engineering, and insurance sectors, as it seeks to address challenges pertaining to the financing and risk management of FOW projects. Small and medium-sized enterprises (SMEs) that specialise in consultancy services or have expertise in research and development related to renewable energy will be well-suited to compete. Engaging with this procurement could enhance visibility in the growing offshore wind market and foster partnerships that capitalise on emerging technologies.

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Notice Information

Notice Title

Floating Offshore Wind - Project Finance (Lot 1) and Insurance (Lot 2)

Notice 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/bbcd6719-176f-4938-bafa-6f4e6551200e
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME
Awardee Scale
Large, SME

Common Procurement Vocabulary (CPV)

CPV Divisions

71 - Architectural, construction, engineering and inspection services

73 - Research and development services and related consultancy services

CPV Codes

71000000 - Architectural, construction, engineering and inspection services

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£90,000 Under £100K
Lots Value
Not specified
Awards Value
£89,644 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
2 Feb 20224 years ago
Submission Deadline
1 Nov 2021Expired
Future Notice Date
Not specified
Award Date
2 Feb 20224 years ago
Contract Period
7 Feb 2022 - 6 Feb 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
OFFSHORE RENEWABLE ENERGY CATAPULT
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
HAYLE
Postcode
TR27 4DD
Post Town
Truro
Country
England
Major Region (ITL 1)
TLK South West (England)
Basic Region (ITL 2)
TLK3 Cornwall and Isles of Scilly
Small Region (ITL 3)
TLK30 Cornwall and Isles of Scilly
Delivery Location
Not specified
Local Authority
Cornwall
Electoral Ward
Gwinear-Gwithian & Hayle East
Westminster Constituency
Camborne and Redruth

Supplier Information

Number of Suppliers
2
Supplier Names

FTI CONSULTING

RENEWABLE RISK ADVISERS

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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