Floating wind

Developments in floating wind technology hold much promise however some barriers remain from a risk perspective and questions are still to be answered: How many ports will be able to accommodate these floating structures? How much redundancy is necessary in the mooring systems? Will they need to be towed into port for repairs to be made? Because wind turbines need to be adapted1 for floating projects to be most productive, what form will this adaptation take?

There are thought to be in the region of 60+ different designs including designs that position two turbines on the same floating platform, which is far removed from previous designs. While many new designs will simply fall away, a lack of consistent design, production and operational methods introduces uncertainty, which increases risk. Insurers will view these projects as prototypical, until they have a proven track record and therefore developers of floating project designs cannot expect similar terms and conditions to the fixed market.