LOC is to carry out marine warranty services (MWS) for the second phase of the Pinghai Bay offshore wind farm in China.
The contract is the first of its kind for an offshore wind farm development in China and is an indication that developers there are becoming increasingly aware of the need for stringent risk management practices, LOC said.
Under its agreement with Haixia Goldenbridge Insurance Co., Ltd., LOC Renewables will carry out audit and risk consultancy services for the 250 MW project, located near Putian, Fujian province, from March until the end of 2018.
China’s installed offshore capacity jumped more than 60 per cent in 2017, and its growing offshore market is aiming for a total grid-connected capacity of 5 GW by 2020. As developers becoming increasingly aware of the need for stringent risk management and value that internationally accepted standards can bring to projects, developers are starting to look to employing MWS to ensure their projects meet the highest technical standards, LOC says.
“As offshore wind technology continues to proliferate across Asia, successful knowledge transfer based on best practices and lessons learned in the established offshore wind markets becomes ever more important,” said Ke Wan, Managing Director, LOC China.
“With a wealth of experience in Europe and the US, we’re increasingly working on projects across Asia, and are delighted to now be providing the first MWS services to China’s offshore wind market – services that bring real value in lower risk and will enable the project to achieve its full potential.”
“At 250MW, phase two of the Pinghai Bay Wind Farm represents a significant expansion on phase one, and we wanted to ensure that it met the highest technical and risk mitigation standards,” said Fan Ming, Business Director at Haixia Goldenbridge Insurance.