PV manufacturer Qsolar has agreed an insurance deal that it says will enable it to sell its solar panels to a wider potential market and compete for larger projects and orders.
The company has received a confirmed offer from German insurer Gaede & Gluaerdt for Willis Electronic Plus Photovoltaic Power Plant insurance, a product offered by Frankfurt-based broker Willis.
Qsolar said that the insurance on its range of solar panels could be offered to a project’s end user, providing solar project operators with additional economic security in the event of an unforeseen loss of performance from its PV modules.
Qsolar already offers a guarantee on the power output of its modules. The company said that with the Willis package it would now also be able to back this guarantee up with comprehensive insurance.
The majority of large solar panel projects require financing mainly from financial institutions, which in turn require bankable products as security. Qsolar said that with the Willis insurance it would now be able to offer this security, thus opening up the marketability of QSolar products for large projects.