PVEL, Ariel Re and Beecher Carlson introduced insurance to reduce solar project financial risk
Post date: 06/12/2019 - 11:02
PV Evolution Labs (PVEL), Lloyd's of London syndicate Ariel Re, and Beecher Carlson Insurance Services, LLC announced the introduction of a new insurance program called »PV PlantProtect« to reduce the financial risk for utility-scale solar project developers. The insurance »enhances solar power plant reliability while providing developers with revenue certainty as they build financial models« and »helps developers improve debt terms and project economics by guaranteeing revenue,« says the company. Offered for the duration of the revenue contract, 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.
PVEL is a reliability and performance testing lab for downstream solar project developers, financiers, and asset owners and operators. Argo Group International Holdings, Ltd. is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Beecher Carlson is an account risk management broker.