Tierra offers 24-year cover for UK offshore wind project

The UK offshore wind sector has been one of the great clean energy stories of the last couple of decades. With 16GW of offshore wind in operation and a further 10GW of projects in construction, the UK market is now the second largest offshore wind market in the world, after China. This means that on windy days it is not uncommon to see over 50% of the UK’s electricity being delivered by wind power, much of it offshore. Which is remarkable and would have been unthinkable a decade ago.

This success story has been built on some key competitive advantages namely, a shallow seabed off our eastern and northern coasts, a strong wind resource (as anyone who lives here knows, it’s often windy!), a deep knowledge base that is transitioning from an oil and gas sector with experience in the north sea for over 50 years and a consistently supportive legislative framework, put together by successive governments of various political leanings.

This last point was further emphasised in January this year in the latest CfD auction round, when another 10GW of offshore wind projects won awards that will see them gain price stabilisation support from the government for the next 20 years. 

On the back of this government support we are starting to see an increased level of activity in the UK offshore wind sector and some fantastic projects starting to move ahead.

To help provide support to these new projects, Tierra, with the support of Westfield Specialty, have offered our first 24 year insurance policy for a UK based project. This is a really exciting development for Tierra and when combined with our maximum capacity of up to $90m for any one project, allows us to stay at the forefront of the credit risk insurance market, when it comes to providing cover for renewable energy projects.

We hope to see many more exciting UK offshore wind projects over the next few years, as the government pushes on with its Clean Power 2030 plans and the industry responds by keeping the UK at the cutting edge of the offshore wind industry. It’s a great success story and in these times of increased energy insecurity it’s a reminder that homegrown sun and wind beat imported oil and gas every time.

April 2026