$40M Solar Power Project in the Cook Islands Covered by Stamford

Stamford Insurance using its construction insurance expertise and connections in the London market.

Local underwriters were unable to provide the cover required for the project which is being largely funded by the Government of New Zealand under its Overseas Aid programme for the Pacific Islands.

“New Zealand is working in partnership with the Cook Islands’ Government to boost renewable energy use across the islands. The goal is to provide efficient, reliable, safe,affordable, and sustainable electricity,” said High Commissioner Joanna Kempkers.

The Cook Islands Government has set ambitious targets for 50 per cent renewable energy by 2015 and 100 per cent by 2020.

The energy initiatives in the Cook Islands are part of a wider programme of sustainable energy initiatives across the Pacific that the Ministry of Foreign Affairs and Trade is supporting through the New Zealand Aid Programme.

Stamford worked closely with Auckland broker, Penberthy, to place the Contract Works programme, insuring the interests of the respective governments, the main contractor and their nominated sub-contractors.

Director Duncan Colebrook said “We are proud to be associated with such a prestigious project and pleased to be able to deliver competitive terms when no other local company could step up. It demonstrates once again our understanding of the construction industry and our ability to deliver quality and value in insurance”