GCube Underwrites Australia’s First 10MW Solar Farm

January 23, 2012, New York & London – GCube, the leading provider of insurance services for renewable energy projects has announced that it has underwritten Australia’s first utility-scale solar power project.

The 10MW Greenough River Solar Farm, near Geraldton, Western Australia, broke ground in November 2011 and is currently undergoing construction – due to be operational in mid 2012.

Approximately ten times larger than any operating solar project in the country, the deal marks the start of what could be a period of significant clean energy investment and growth.

The Australian Government has already planned to establish a Renewable Energy Venture Capital Fund (REVCF) for the country – an initiative that now stands at A$200 million ($198M) – and foreign investors, manufacturers and developers are looking for future power purchase agreements (PPA).

As part of the Greenough River solar project and in conjunction with Aon Australia’s Renewable Energy Practice, GCube will provide marine transit, liability and construction insurance for the project.  This has enabled the project, owned by leading Western Australian electricity generator Verve Energy and GE Energy Financial Services to begin the 80-hectare build.

“Since the introduction of the Government’s Solar Flagship Program in 2009 Australian appetite for large-scale PV and thermal initiatives has begun to ramp up and there are a few significant projects on the horizon,” said Charlie Richardson, Senior Underwriter, GCube.

“This has led to a whole swathe of established, overseas investors and manufacturers taking a longer-term interest in the market and the opportunity that it offers.  However, while the Government has been keen to offer these firms access to future financial incentives, grants and support, the development of multi-megawatt projects takes patience, planning and time.”

Due for completion in mid 2012, the Greenough River Solar Farm is supported financially by the Western Australian Office of Energy and the Royalties for Regions program through the Department of Regional Development and Lands.

About GCube
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.

Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years’ experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.

GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services, Inc.; headquartered in Newport Beach, CA with offices in New York and Minneapolis.

For further information please contact:
Tamarindo Communications
Adam Barber
E:  gcube@tamarindocomms.com
T:  +44 (0) 20 7193 6013 | 917 310 3307