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German companies set up forum to explore offshore issues
1 October 2002
A discussion and working forum dubbed the Offshore Finance Circle has been founded by three German companies which have scheduled a series of workshops to explore "the many unanswered questions about offshore wind that need answers before projects can be financed and insured." The themes range from grid connection and infrastructure to legislation and permits and the workshops will conclude in May. Frankfurt-based Marsh, a risk and insurance management company, is behind the idea. It designed and placed insurance models for the Horns Rev and Middelgrunden offshore projects in Denmark and for Blyth in the UK, with the Danish Nystedt project to follow next year. In August, Marsh entered into a co-operation agreement covering the German offshore wind sector with Versicherungsbüro für Umweltprojekte, an insurance broker. The second partner, PricewaterhouseCoopers Corporate Finance, is to provide project finance know-how, while the third, Vereins-und Westbank, has experience in onshore wind and oil and gas financing.
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