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Marsh named risk manager for A$30bn+ Australian renewables project

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Marsh has been appointed to offer its risk management services to one of the world’s largest renewable energy infrastructure projects, an A$30bn+ ($22.5bn) power link project that will supply Darwin and Singapore with renewable energy.

The Australia-Asia PowerLink will develop one of the world’s largest solar farms in the Northern Territory, Australia, the world’s largest battery and the world’s longest undersea high-voltage cable system, stretching 4,200 km from Darwin to Singapore.

The solar power, storage and transmission system is expected to begin construction from 2023, with the first supply of electricity to Darwin in 2026 and Singapore in 2027, and full capacity by the end of 2028.

The news comes as the insurance industry looks to play a prominent role in supporting the global shift to a low-carbon economy.

During the summer, a task force made up of top executives, including Marsh McLennan CEO Dan Glaser, was launched to work towards building a net-zero economy.

The project was announced by Sun Cable, which is developing the project as part of the Northern Territory’s ambition to become a A$40bn economy by 2040.

It will provide 15% of Singapore’s electricity needs, which modelling has shown could reduce the city’s carbon emissions by 6 million tonnes per year.

A boost of A$2bn is expected for Australia’s export industry, and tens of thousands of jobs are expected to be created.

Marsh Pacific CEO Nick Harris said: “We are excited to be part of the team helping to deliver AAPowerLink, which represents a seismic shift in the way Australia exports energy to the world.

“By harnessing Australia’s position as the G20’s highest-per-capita solar source, this project will deliver a large volume of renewable energy over a longer distance than ever before.”

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