GCUBE SAFEGUARDS FALCK WIND ENERGY ASSETS

Two-year agreement includes comprehensive construction and operational cover for a portfolio of European wind energy projects  

London 24th June 2009 - GCube, a leading provider of insurance services for renewable energy initiatives, has been awarded the underwriting contract for Falck Renewables Plc, a European operator of wind energy schemes. The business was placed with GCube by Nsure Renewables a UK based insurance broker specialising in the renewable energy sector.

This insurance placing marks an important milestone in the evolution of the European wind energy market, as suppliers and operators seek to capitalise on existing wind farm capability and expand their presence within new EU member states.

As part of the deal, GCube will provide a comprehensive range of underwriting services, via Nsure Renewables, to support existing projects in France, Spain, Italy and the UK. Cover will include all construction, operation and third party liabilities within these four core territories that, to date, contribute in excess of 350MW annually with a further 94MW to be completed before the end of 2009.

With significant growth already expected both within the European community and on the wider international stage, the agreement is intended to support a growing pipeline of opportunities that capitalise on the benefits of joint ventures with local developers in markets outside Europe.

"Over the past seven years, Falck has become an increasingly influential European energy contributor, with a clear and demonstrable interest in all elements of wind farm development," said Fraser McLachlan, Chief Executive, GCube. "However, as a proliferation of renewable energy incentives continue to attract new investors to the sector, the industry faces a number of challenges as it seeks to meet the European Council's 2020, 20% renewable energy goal. Working together with Nsure and Falck, we look forward to playing our part in the achievement of this target."

Rob Reed, Falck Renewables, commented, "Through an ongoing investment to our four core territories and through the rapid roll out and development of our wider joint venture programme, Falck continues to demonstrate serious commitment to the international wind energy market. As we expand our operations both within Europe and further afield, it is imperative that we work with businesses that share our passion for the industry and remain committed to the growth and development of the renewable energy market. After a thorough evaluation of the insurance market, it is apparent that Nsure's recommendation of GCube, coupled with their understanding of the wind energy market, is an appropriate choice for Falck and we look forward to capitalising on their joint expertise in line with our future growth."

GCube provides specialist insuring capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power and wave/tidal energy

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About GCube
GCube provides comprehensive insurance services for the renewable energy initiatives. With its offices on both sides of the Atlantic the business has global insurance capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power, wave energy and tidal energy. Specialist cover includes transit, construction and operational risks, right through to business interruption and general liability.