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ReneSola, a China-based specialist in the manufacture of solar wafers and modules, has signed a solar products insurance agreement with PowerGuard Specialty Insurance Services, a specialist in insurance and risk management solutions for solar and other alternative energy companies.
Under the terms of the agreement, PowerGuard will provide insurance and warranty-related coverage for ReneSola’s complete range of products for a duration of 25 years. The insurance will enable ReneSola to offer its products with much more confidence and to a wide range of clients in the market with varying risk-management profiles.
Xianshou Li, ReneSola’s chief executive officer, said, “We are happy to be working with PowerGuard and excited about the flexibility their unique coverage options give us in meeting the needs of our clients. These types of insurance products address the difficulties that are often encountered by solar project developers, installers and operators, and will allow ReneSola to focus on our quality and operational excellence.”
PowerGuard has expanded its client base extensively. Its PowerClip warranty product has been particularly popular, with the likes of China Sunergy, Lightway Green New Energy and SunEdison having all adopted the protective cover this year.