Utilities and Infrastructure

Sector: Non-Renewable Energy and Utilities

INDECS was retained by National Grid, following a fire at the Sellindge HVDC interconnector converter station in Kent, UK. The fire completely destroyed the converter facilities for one of two poles, resulting in a rebuild programme that took 15 months.

We advised National Grid in relation to a property damage and business interruption claim in excess of £400 million.

Throughout, we worked with the on-site project team, corporate teams, third party experts, loss adjusters, insurers and broker. The insurance claim was concluded within 8 months of full restart of operations and prior to completion of all the repairs.

Head of Insurance, David Brining said: “INDECS supported and advised us throughout the insurance claim in a professional manner. The excellent work they performed helped us to arrive at a commercial settlement with our insurers in a timely manner.”

Sectors: Green Energy; Non-Renewable Energy and Utilities

FMO is the Dutch development bank that offers capital and knowledge to companies, projects and financial institutions in developing countries. INDECS works closely with the FMO in-house insurance team and leads on insurance matters for most transactions.

We represent FMO and partner financial institutions on a large number of power, energy and infrastructure projects worldwide, helping develop robust, bankable insurance protection for the lender group.

FMO said: “The professionalism of the INDECS team is highly valued, and their insurance knowledge, connections and responsiveness are an asset to any project finance transaction. INDECS have been instrumental in finding workable solutions to challenges imposed by local insurance regulations in countries where international lender requirements would otherwise not have been met. These solutions have created market standards which international lenders can use in future transactions.”

Sector: Non-Renewable Energy and Utilities

Recognising that insurance requirements need to be commercially achievable, INDECS will not only work closely with lenders, but also with sponsors, legal and technical advisors where relevant, to seek solutions for all parties.

We have worked in many challenging jurisdictions, where local market forces and legislation can be obstacles to developing a bankable insurance solution. This was the case with the 450MW power plant, located south of Dhaka in Bangladesh.

The client said: “It was a pleasure working with INDECS in your role as lender’s insurance advisors on the 450MW power plant project transaction. INDECS demonstrated a pragmatic, expert and proactive approach that was appreciated by all parties. Thank you very much.”

Sectors: Green Energy; Non-Renewable Energy

INDECS has been appointed as the lender’s independent insurance advisor for a number of IFC project finance transactions.

For each one, we work closely with the lenders, ensuring that the insurances are appropriate for the project and in-line with commercial market practice. At the same time, we take into account the commercial context and risk profile of each project.

We then support IFC during the operational phases to make sure the insurance remains compliant and appropriate throughout the term of the loan.

A Senior Investment Officer at IFC said: “I have observed first-hand INDECS’ professionalism and dedication. Their involvement in our projects is a true asset and their support highly valuable. INDECS takes the time to understand the project, review the risks and focus on workable insurance solutions. They have excellent insurance expertise and their connections with major insurance brokers are very valuable.”