---
title: "Floating Offshore Wind - Project Finance (Lot 1) and Insurance (Lot 2)"
ocid: "ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "OFFSHORE RENEWABLE ENERGY CATAPULT"
published: "2022-02-02"
---

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

Buyer: OFFSHORE RENEWABLE ENERGY CATAPULT  
Current stage: Award  
OCID: ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954

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## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/bbcd6719-176f-4938-bafa-6f4e6551200e |
| 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 |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 2 Feb 2022 |
| Submission deadline | 1 Nov 2021 |
| Future notice date | Not specified |
| Award date | 2 Feb 2022 |
| Contract period | 7 Feb 2022 - 6 Feb 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £90,000 |
| Lots value | Not specified |
| Awards value | £89,644 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | OFFSHORE RENEWABLE ENERGY CATAPULT |
| Locality | HAYLE |
| Post town | Truro |
| Postcode | TR27 4DD |
| Country | England |
| ITL 1 | TLK South West (England) |
| ITL 2 | TLK3 Cornwall and Isles of Scilly |
| ITL 3 | TLK30 Cornwall and Isles of Scilly |
| Local authority | Cornwall |
| Electoral ward | Gwinear-Gwithian & Hayle East |
| Westminster constituency | Camborne and Redruth |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 2 |
| Supplier names | FTI CONSULTING; RENEWABLE RISK ADVISERS |

## CPV Codes

### Divisions

- 71 - Architectural, construction, engineering and inspection services
- 73 - Research and development services and related consultancy services

### Codes

- 71000000 - Architectural, construction, engineering and inspection services
- 73000000 - Research and development services and related consultancy services

## Release History

- 2 Feb 2022 at 10:01 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/bbcd6719-176f-4938-bafa-6f4e6551200e
- 1 Oct 2021 at 16:09 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/4f1ed4e2-17d9-4da3-94d1-ad181d037c87

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/bbcd6719-176f-4938-bafa-6f4e6551200e
  2nd February 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/4f1ed4e2-17d9-4da3-94d1-ad181d037c87
  1st October 2021 - Opportunity notice on Contracts Finder

## Notice URLs

- https://www.ore.catapult.org.uk

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-5b5f826a-87d1-4e70-8a7d-d3aba3548954.json.