Lockton Drives Marinus Link Project to Financial Close, Boosting Tasmania's Grid Connection
Lockton, a prominent independent insurance broker, has played a pivotal role in the Marinus Link project. This ambitious venture aims to connect North West Tasmania and the Latrobe Valley in Victoria via an undersea and underground electricity and data interconnector. Lockton's global energy practice provided specialist risk and insurance advice throughout the project's early planning stages up to Financial Close.
Marinus Link, a joint venture between the Australian, Tasmanian, and Victorian governments, is set to significantly enhance the connection between Tasmania and the national grid. Stage 1 of the project will more than double the electricity transfer capacity between the two states. This initial phase will deliver a 750 MW high-voltage direct current (HVDC) cable system, stretching 255 kilometres undersea and 90 kilometres underground. In addition to the HVDC cables, the project includes fibre optic cables, a communications station, and converter stations at each end.
Lockton's involvement was instrumental in navigating the complex risks associated with such a large-scale project. The insurance broker advised Marinus Link Pty Ltd (MLPL) in reaching Financial Close, providing guidance on both insurable and non-insurable risks from early planning stages. Construction of Marinus Link is scheduled to commence in 2026, with Lockton set to continue its support throughout the project's delivery.
The Marinus Link project, with its substantial increase in electricity transfer capacity, promises to strengthen Tasmania's connection to the mainland grid. Lockton's expert risk and insurance advice has been crucial in bringing the project to its current stage, and their continued support will be vital as construction commences in 2026. Upon completion, Marinus Link will not only enhance Tasmania's power connectivity but also pave the way for improved data communication between the two states.
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