Gcube Shines Light on Canadian Solar Power Growth

Renewable energy insurer backs three major North American initiatives, adding over 55 megawatts to the Canadian grid

5th January 2009 - GCube, the leading insurer for renewable energy initiatives, has been awarded underwriting contracts for three of the most significant solar power projects in North America. The initiatives, all based in Ontario, Canada, underline the phenomenal recent growth experienced in the international solar markets, as the appetite for renewable energy investment returns.

Generating a combined output of in excess of 55 megawatts (MW), the First Light, Arnprior and Starwood projects are ground mounted photovoltaic plants, that have been supported by Ontario's Renewable Energy Standard programme.

First Light is a collaborative venture owned by SkyPower and SunEdison and has been operational for just one month. Occupying 90-acres of land in Stone Mills, Ontario, the project is expected to generate 9.1MW - enough energy to power almost 1,000 homes annually. Arnprior is owned outright by EDF EN Canada, sits on a 200-acre site and is under contract to supply approximately 24.3 MW of power to the Ontario grid. The final project, owned entirely by Starwood SSM1 Canada, consists of two sub schemes, which together, will deliver 22.35MW.

As part of the agreement, GCube will underwrite all operational risks associated with the initiatives, in order to safeguard the projects for the duration of their anticipated 25-year life.

"Together, these projects represent a significant milestone in the development of the international solar power markets," said Fraser McLachlan, Chief Executive Officer, GCube. "Over the past five years the industrial solar market has battled with issues such as scalability, speed of deployment and grid impact in its quest to develop a commercially relevant proposition for the market.

Now, for the first time, we are beginning to see the initial results of these challenges, as the industry capitalises on technical and engineering innovations from around the world.

"However, while there's no doubt that governments have played an important role in encouraging and promoting engineering excellence, it's also important to recognise the support many renewable energy businesses receive from their customers and peers, as the industry reaches a critical phase in its evolution and growth. At GCube we're proud to be part of such a rapidly developing renewables market and look forward to continuing to safeguard international solar energy initiatives in the future."

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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For further information please contact:

Adam Barber or Roland Godfrey-Davies
Chalk
T - 020 7440 9830
E - adam@hellochalk.com / roland@hellochalk.com

About GCube
GCube Underwriting Limited (UK) and GCube Underwriting Services Inc. (US) provides comprehensive insurance services for renewable energy initiatives. With its offices on both sides of the Atlantic the business provides global insurance capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power, wave energy and tidal energy.