April 26, 2010, New York & London – GCube, the leading insurer for renewable energy power production facilities, announces today another placement of a customized insurance policy targeted specifically at safeguarding emerging utility scale solar technologies in the United States. The Blythe plant, located about 200 miles east of Los Angeles, has become the first US-based solar project to implement the policy, providing the facility with comprehensive operational coverage, and is the largest thin film PV solar project in California, five times the size of the next largest PV project in the state.
With a growing number of government and state-based incentives now in place, the US solar market is set to undergo rapid development, as utility and power companies capitalize on new renewable energy technology and gear up for future growth. GCube’s comprehensive level of protection, previously unavailable to the North American solar market, helps to make sure that insurance coverage for large-scale renewable energy power production facilities is comprehensive and cost effective.
With an installed capacity of 21 megawatts of power production, the Blythe solar power generation facility will provide clean, affordable electricity to almost 17,000 homes. This, combined with an estimated annual carbon generation savings of approximately 12,000 metric tons, is the equivalent of taking over 2,200 cars off California roads every year.
“With companies eager to capitalize on the introduction of recent state and federal renewable energy incentives, it’s clear that the appetite for solar projects is on the increase,” said Fraser McLachlan, Chief Executive Officer of GCube. “However, while solar power offers California electric consumers a plentiful and sustainable source of energy, it’s important to recognize that the capture, conversion and distribution of this energy source is still hugely complex. It is imperative that protection against manufacturing defects, faulty equipment, accidental damage and lost revenue be put in place for every project. GCube’s innovative insurance program fills this need.
“At GCube, our global footprint offers renewable energy businesses a unique insight into international technological developments within the solar market. This market knowledge, combined with over seventeen years of renewable industry knowledge, forms the basis of our core solar policy offering and ensures a long-term future for facilities like the Blythe solar project.”
The Blythe solar plant agreement marks the latest in a series of solar insurance placements that GCube has completed in the United States and Canada. Three further deals were announced in March, all based in Ontario, Canada.