Working with a primary insurer in Japan while simultaneously overseeing an in-depth review of Solar Frontier’s product quality control and manufacturing processes, Munich Re advised that it has insured Solar Frontier’s CIS thin-film PV module performance warranty.
The insurance will cover long-term technology risks for Solar Frontier’s CIS PV modules. If the panels experience a large performance loss, which falls below the guaranteed performance specification, Munich Re will cover the insured manufacturers’ performance warranty for up to 20 years.
“We are delighted to have concluded the first contract of this kind on the Japanese solar market and to support Solar Frontier in their ambitious global growth plan. With our expertise, we can assume very special renewable energy risks and help provide greater investment security,” said Thomas Blunck, member of Munich Re’s Board of Management. “We see considerable growth potential in risk transfer solutions for renewable energy. This market will gain in importance considering the change in the worldwide energy mix due to climate change.”