TagEnergy supports adoption of AEIC’s ‘Hold Harmless’ insurance model for project neighbours as new industry standard
TagEnergy has welcomed the Australian Energy Infrastructure Commissioner’s (AEIC) preferred ‘Hold Harmless’ model for an industry standard in insurance cover for landholders neighbouring renewable energy projects, recognising it as an effective way to ease concerns about coverage for infrastructure damage as projects expand across Australia.
The AEIC’s recommendation aligns with the approach already adopted by TagEnergy’s Nearby Neighbour program at the proposed Pines Wind Farm.
The model would see operators of renewable energy facilities contractually protect neighbouring landholders from liability for damage they might accidentally cause to project infrastructure. That could be done by developers and operators adding neighbours as insured parties on the project insurance policy and providing waivers of subrogation. The framework also takes a five-part approach to defining a ‘neighbour’ to ensure fair coverage is provided.
The AEIC described the approach as the most appropriate way forward in a position statement developed following comprehensive engagement with stakeholders, including TagEnergy.
TagEnergy Managing Partner – Australia, Andrew Riggs said, “TagEnergy welcomes the AEIC’s recommendation for a nationally consistent neighbour insurance framework. Alleviating stress and uncertainty on landowners is essential to gaining the cooperation and collaboration needed to move projects forward to speed the energy transition.”
“We have designed our neighbour benefit agreements to include the AEIC’s preferred model for insurance protection for neighbours if they accidentally cause damage to the wind farm,” Mr Riggs said.
“Our insurance model reflects our commitment to being a good neighbour and supporting the communities we operate in,” he said.
“We’re proud to be supporting the development of the AEIC’s framework for a whole-of-industry standard that will deliver consistency and certainty for all.”
ENDS
About The Pines Wind Farm
The Pines Wind Farm is a best-in-class, 2GW renewable energy project located within Forestry Corporation of New South Wales softwood pine plantations across Mount David, Gurnang and Vulcan State Forests. The project will:
- Deliver $600 million in economic benefits to the Oberon and Bathurst region
- Reduce NSW electricity costs by $3.75 billion versus the status quo, powering 1.25 million homes
- Avoid $2.5 billion in the ‘Social Cost of Carbon’ through lower emissions
It will supply nearly 10 per cent of New South Wales’ electricity demand, have minimal ecological impact and require no new transmission infrastructure. The project is owned by TagEnergy, which is currently constructing Victoria’s Golden Plains Wind Farm – the largest onshore project in the Southern Hemisphere.
About TagEnergy
TagEnergy is a clean energy enterprise creating competitive clean power stations to accelerate the energy transition and help the world reach net-zero carbon emissions sooner. Since its formation in 2019, TagEnergy has assembled a portfolio of more than 10GW of solar, wind and battery storage technologies in the UK, France, Germany, Japan and Australia, of which 1.9GW is under construction or operation.
TagEnergy is controlled by TagHolding SAS, a joint venture between the Impala SAS Group and Exor N.V., supported by major investors Mirova and Omnes, and is operated by a team of entrepreneurs, all shareholders. Its operations span the renewables value chain from development, financing, construction and asset management to commercialisation of its competitive clean energy.
