Solar asset insurer kWh Analytics has raised US$20 million for business expansion and developing additional solutions to support solar and storage asset owners.
Prior to 2019, there was an ample number of insurers willing to provide renewable energy insurance, leading to plentiful, affordable cover being available for solar power project finance transactions. However, with increased claims and risks, price rises and lower availability of cover is impacting the sector. Duncan Gordon, head of Renewable Energy at specialist energy insurance brokerage and risk management firm Gallagher, provides an overview of how solar power project owners can navigate a challenging insurance market.
The performance of US solar assets against P50 estimates worsened over the last decade, new analysis has shown, prompting calls for the use of real-world data-driven benchmarks when financing new projects.
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.
In the face of rising materials costs and natural disasters impacting output, solar manufacturers should heighten their focus on insurance placement to protect against large losses, a Chinese insurance broker has told PV Tech.
Solar asset underperformance continues to worsen, with projects “chronically underperforming” P99 estimates and modules degrading faster than previously anticipated, risk management firm kWh Analytics has found.
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.
Facility would offer insurance protection to small and mid-sized renewable energy projects in Madagascar's bid to double power by 2030 through clean energy.
Malaysia’s intent to progress its renewable energy sector was made clear in a number of announcements this week, including plans to install solar along a major highway, introducing both the first solar insurance scheme and monitoring system, as well as inking support agreements with powerful foreign organisations.
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.
