Property insurance for a solar project, having been an easy “check the box” issue 10 years ago, is fast becoming a top credit item for securing financing from banks, according to the head of a data analytics and insurtech firm.
The US’s blocked solar supply chain combined with the threat of operational modules being damaged by extreme weather could leave project developers and asset owners at risk of revenue loss as replacement equipment becomes hard to source.
Current testing for solar modules is inadequate to account for the rising severity of extreme weather events in North America, according to a report from renewable energy project underwriter GCube Insurance.
The US solar industry could face significant losses this summer unless steps are taken to mitigate wildfire risk over the coming months, renewables underwriter GCube has warned.
Despite no publicly declared major incidents of cyberattack in the renewable energy sector to date, successful attacks on the wider energy industry are expected to be replicated in the future, according to the chief of an insurer now offering cover for such threats to clean energy.
Renewable energy insurer GCube has secured a new underwriting facility to manage project risks during construction and operations in the Middle East and North Africa.
The average severity of insurance claims from the solar PV industry has increased by 87% over the past five years often as a result of extreme weather, according to new research from renewables insurance specialist GCube Underwriting.
In this week's Movers & Shakers, PV Tech reports some recent industry mergers and acquisitions, dramatic UK solar job losses and an equally dramatic opportunity for job growth in the US with Tesla's new Gigafactory in Nevada.
