Blue Investments Signs with GCube

March 16, 2011, New York & London – GCube, a leading provider of insurance services for renewable energy initiatives, has been awarded the underwriting contract for the construction phase of Blue Investments Holding’s wind energy project in Romania. The initiative located in the Baia Village, in the East of the country, will consist of four 2.5MW Onshore Turbines, and has an insured project value of EUR 20 Million.

With Eastern Europe enjoying a construction boom in the wind energy sector, it is smaller wind farms, like Baia, that are providing a model for future development in Romania as investors, developers and operators familiarize themselves with smaller scale projects with commensurately less risk.

With Romanian wind energy seeing a 400MW increase in 2010*, the country is on course to become a key player in the Eastern European market. Favourable installation conditions, whereby applications are processed quickly, and low connection and administration costs, should ensure that Romania continues its growth in the sector.

“There is little doubt that the Eastern European markets continue to be the focus for wind energy expansion,” said Fraser McLachlan, Chief Executive Officer, GCube. “The way in which these markets are developing, with smaller projects providing a lower risk model, will enable these countries to make a more consistent journey to their 2020 renewable energy commitments.”

Orlando Silianovici, Managing Director, Blue Planet Investments said, “By working with GCube, a proven and reliable risk partner, we have been able to ensure that the Baia Village wind farm can act as a small scale model for larger developments, and pave the way for Romania to reach the large capacity projects found in Western Europe”.

Silianovici continued, by saying, “As we look to expand our portfolio, we look forwards to working with the business in the future.”

GCube provides specialist insuring capabilities in six renewable energy sectors – wind power, bio fuels, hydroelectric power, solar power and wave/tidal energy.

GCube will be exhibiting at EWEA 2011 at stand 7150 in Brussels, Belgium, from 14-17th March 2011.

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