Winds of Change: A portfolio of ideas to harness the power of renewables
Our recommendations led our client to consider turning a liability into a significant new market opportunity, with first steps for regulatory approval already established.
OBJECTIVE
Having worked with us on a successful project previously, our client sought our expertise to explore innovative solutions for repurposing or extending the life of an offshore production platform, which was nearing the end of its operational life. Decommissioning the platform was increasingly complicated due to its location.
SOLUTIONS
After investigation, we saw that the opportunity extended beyond a single repurposing idea: We identified sufficient ideas to generate a portfolio of strategically staggered opportunities. This portfolio would harness the significant wind and solar generation capability in the area over the next three decades. Our client now has the option of using the avoided or deferred decommissioning costs as “seed capital” for a competitive market entry into renewable energy.
Rapidly evaluating the surrounding infrastructure and regional development plans, we revealed opportunities in marine research, electricity grid and stabilisation options, and more. The most significant opportunity was for the platform to support future wind farm developments. A whole-of-asset rethink that cut decommissioning costs and unlocked a faster path to net zero.
OUTCOMES
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Generated 85 new ideas narrowing down to 24 problem spaces and 14 industry themes. -
Developed 5 one-page summary documents that crisply detail the multi-faceted repurposing strategy.
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Continued validation in a further engagement and fostered a relationship with a wind farm developer. This lead to a successful pre-feasibility submission and progression through the early stages of government screening.