In a move that will help bolster the company's bankability, JinkoSolar's panels are now under warranty with PowerGuard Speciality Insurance Services. Noted insurance broker Marsh facilitated the agreement between the Chinese PV manufacturer and the renewable energy insurance/risk management firm.
Conceived and underwritten by PowerGuard, the policy offers back-to-back coverage through a five-year limited product warranty, as well as a tiered 25-year performance guarantee. The underwriting features a 10-year warranty for 90% power performance and an additional 15-year warranty for 80% performance for modules sold by the company and covered by this policy.
Backed by PowerGuard's network of insurance providers, the terms of the warranty are noncancellable, providing coverage even in the event of a panel provider's insolvency or bankruptcy.
“PowerGuard's coverage provides our customers with an additional layer of economic security in the event of an unforeseen change in solar module performance,” stated Jinko CEO Kangping Chen. “Additionally, offering an insurance option from a respected third party will better facilitate the financing of projects incorporating Jinko modules.”
“This solution is an important way that solar panel producers can provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility,” said Larry Liu, SVP and technology practice leader of Marsh China.
Mike McMullen, managing principal of PowerGuard, noted that “the expansion of new energy production offers new business opportunities for industrial insurers. PowerGuard is proud to see that our unique and innovative risk-transfer product has been adopted by leading solar module manufacturers around the world. PowerGuard will continue to support the development of the global renewable energy industry.”
(JinkoSolar will be exhibiting at Intersolar Europe, Booth A3.350.)