PV Evolution Labs (PVEL), Lloyd's of London syndicate Ariel Re (a member of Argo Group), and Beecher Carlson Insurance Services, LLC have launched 'PV PlantProtect'. This is the first-of-its-kind risk mitigation and insurance program using technical due diligence best practices to improve solar project economics for developers.
Problem
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Gaps in traditional insurance and manufacturer warranties have previously left developers and investors exposed to revenue risk. There has not been a comprehensive insurance solution on the market.
Solution
PV PlantProtect enhances solar power plant reliability while providing developers with revenue certainty as they build financial models. It helps developers improve debt terms and project economics by guaranteeing revenue. Once developers sign on for PV PlantProtect, they gain insurance pricing visibility in the early stages of development. It adds value to the project as they are building their financial models, allowing them to take on more debt. The Ariel Re team not only underwrites tailored risk solutions that deliver commercial value but also turns around reliable pricing and terms quickly so that developers can readily integrate insurance into their strategies.
PVEL coordinates, oversees and executes the technical and diligence items such as resource measurement and site characterization, Product Qualification Program (PQP) testing for modules and string inverters as well as equipment pre-production factory audit and production oversight. Also included is batch testing and factory acceptance test witness for key equipment and testing at commissioning stage, which also includes cell microcrack baseline analysis. Ongoing resource and performance monitoring of the operating PV power plant is also undertaken.
Applications
Offered for the duration of the revenue contract, PV PlantProtect is available for utility-scale solar power plants in any region, including systems with bifacial modules.
Platform
The insurance policy covers revenue losses due to weather, component performance and availability, system design, soiling and operations and maintenance (O&M), and other insured causes of loss.
Availability
December 2019, onwards.
