October 25, 2011, New York & London – GCube, the leading underwriter for renewable energy initiatives has announced that it has been selected by Nsure Ltd, to underwrite the Falck Renewables Buddus – Al dei Sardi wind farm, Italy’s largest wind power project to date.
The deal comes at a critical time for the European wind energy market, as Sardinia looks set to become one of the first regions in the continent to meet the Kyoto Protocol renewable energy targets. To date, Falck, the fourth largest renewable energy provider in Europe, has secured over Euro 230 million in project finance for the 138MW scheme; kick starting a renewed appetite for wind projects throughout Italy.
As part of the underwriting agreement, GCube will safeguard the ongoing construction of the project, as well as providing comprehensive cover and support for the future operation and maintenance of the site.
The Buddus – Al dei Sardi wind farm consists of sixty-nine turbines, producing 330 GWh a year of renewable energy – equivalent to the needs of 110,000 households. The project is already in part operation, with the remaining turbines expected to come online before the end of 2011.
“Italy, like many of its Southern European neighbours, has suffered in the wake of the financial crisis, leading to a political re-adjustment of its renewable energy support tariffs,” commented Fraser McLachlan, Chief Executive Officer, GCube.
“However, by working closely with Nsure and Falck, we’ve been able to provide a secure backdrop for future finance, while playing our part in keeping the Italian wind energy market on track.
With the next important phase of construction due for completion before the end of the year and with ongoing operation and maintenance agreements already in place, we take pride in continuing to play our part in protecting the future of European wind power.”
Piero Manzoni, Chief Executive Officer, Falck Renewables Group added, “The wind farm of Buddus – Al dei Sardi, that we are commissioning in advance in comparison to the scheduled project, is our most important investment in 2011 and is to be added to the important goals already reached during this year, that keep us on track with our business plan”.
GCube provides specialist-insuring capabilities in a number of renewable energy sectors including wind power, biomass, geothermal, hydroelectric power, solar power and wave/tidal energy. GCube is exhibiting at RenewableUK 2011, stand number 82.