Page 12 - AsiaElec Week 11 2021

AsiaElec PAGE TOP NO NUMBER AsiaElec

LOC to provide marine warranty services to

Vietnam’s 48-MW Tra Vinh wind farm

VIETNAM LOC, part of AqualisBraemar LOC, has won a kilometres of 110-kV transmission line.
contract to provide marine warranty services The turbines will be installed in water depths
(MWS) and consultancy to support the devel- of between 3-7 metres, subject to tidal changes
opment of the first phase of Vietnam’s $104mn and locations, using multi-pile concrete capping
Tra Vinh nearshore wind farm. foundations.
This is LOC’s fifth MWS contract for a Viet- Construction of the Tra Vinh V1-3 project
namese nearshore wind farm since the start of is expected to complete in the fourth quarter of
2020. 2021, ahead of the current wind feed-in tariff
The project is located in Vietnam’s Tra Vinh (FiT) deadline in Vietnam.
Province, a coastal inter-tidal area. Construction Donny Ng, director of business and project
is being undertaken by the Refrigeration Elec- development at LOC Singapore, commented:
trical Engineering Corp. (REE), established in “LOC is delighted to be awarded this contract
1977. by Refrigeration Electrical Engineering Corpo-
Under the terms of the agreement the LOC ration. This follows other project wins in Viet-
team will review and approve the loadout and nam’s nearshore wind sector this year and last,
marine transportation operations of compo- and reaffirms the Group’s recognised reputation
nents between local ports and the OWF site. as a leading provider of MWS services in the
The team will also review and approve lift Southeast Asia energy market.”
installation activities, using barge cranes or sepa- The Tra Vinh wind farm will assist Vietnam
rate crane vessels, for the primary structures and in meeting its rapidly growing energy demand,
equipment on site. whilst supporting the country’s ambition to
The first phase development of the wind farm move away from fossil fuel power in favour of
will consist of 12 Vestas turbine units, each with 4 renewable energy.
MW capacity, generating 48 MW in total. Vestas The project is expected to avoid 68,600 tCO2
will also service the wind farm for 20 years. or equivalent annually, create 500 additional jobs
The development will also consist of a 22/110- and serve over 132,500 people.™
kV station, with 1x63 MVA capacity, and c.21

NEWS IN BRIEF

benchmark that the rest of the industry needs property, engineering, casualty, credit & surety
CLIMATE TARGETS to follow, now.” and marine cargo lines of business and that it
The Insure Our Future network wrote will gradually lower these thresholds leading
Swiss Re first insurer to in early March to ten of the world’s largest to a complete phase out.
Angelina Dobler, Climate Campaigner,
reinsurance companies urging them to take
completely phase out coal action to exclude coal from their treaty Campax said: “As Swiss Re finalises the
business. Swiss Re, which was the world’s
details of its approach to treaties, they need
from treaty reinsurance biggest reinsurer of premiums in 2019, to exclude treaty cover for any companies
responded with the release of this new policy
developing new coal projects immediately.
Swiss Re, the world’s largest reinsurer, and noted that it, “…share(s) your concern Swiss Re also needs to align its reinsurance
announced new climate targets, including that ceding coal exposures into treaties risks business with the need to phase out oil and
plans for the reinsurer to completely phase- could undermine the progress we made on gas production to limit global warming to
out thermal coal from its treaty business by the direct and facultative side.” 1.5°C, starting with an immediate end to
2030 (OECD) and 2040 (rest of the world). If Keenan continued: “Now that Swiss covering new oil and gas expansion projects.”
implemented properly, this policy shift marks Re has responded with an ambitious and SWISS RE
a breakthrough for the reinsurance industry. clear commitment, we call on Munich Re,
Lindsay Keenan, European Coordinator, Hannover Re, SCOR, Berkshire Hathaway,
Insure Our Future said: “We welcome Swiss Lloyd’s of London, MAPFRE and Vienna WIND
Re’s commitment to a full phase out of Insurance Group to quickly follow suit.”
thermal coal from its treaty reinsurance and Swiss Re previously committed to apply Australia’s First Offshore
call on all other reinsurance companies to its existing thermal coal exclusion policy
do the same. Treaty business is a very large and thresholds to treaty business starting Wind Project Selects
portion of the reinsurance trade and it has in 2023. Today, it announced that in 2023 it
been a major loophole in coal underwriting will introduce new thermal coal exposure Transmission Route
that needs to be addressed. Swiss Re has set a thresholds for treaty re/insurance across its

P12 www. NEWSBASE .com Week 11 17•March•2021