London, 5th November 2013 – GCube, the leading underwriter for renewable energy initiatives, has signed a 2-year contract renewal with the UK’s most recognised solar power generator, Lightsource Renewable Energy.
As UK solar projects proliferate, and secondary investors start to take on the ownership of operational projects, there is a market need for a level of insurance cover that protects not only the physical assets, but also the return for new owners.
Lightsource, which has installed and currently operate over 300 MWp (Megawatts Peak ) of commercial scale solar projects in the UK in the short space of 2 years, with further projects in development, is a major operator in the space and an important client to have retained.
The deal signed in August will see GCube continue to provide Operational All Risks, Business Interruption, Contingent Business Interruption, Third Party Liability and terrorism cover for 70MWp of operational PV assets across the whole of England.
This deal comes in addition to 180MWp of assets that went on cover in March 2013. Currently the combined value of Lightsource projects covered by GCube stands at just over £300 million, with the energy firm looking to take another £300 million of projects operational in the next 18months.
“The solar industry has consistently flourished in the last 2 years, despite sceptics. This means a continued flow of investors, owners and operators that will need to ensure that their solar assets remain investment grade,” said Jamie Fleming, Underwriter, GCube.
“Lightsource is an extremely exciting client for us and with a series of projects in the pipeline, we were keen to renew coverage on these significant existing assets, with a view to maintaining a strong working relationship with the company as its portfolio expands.”
Kareen Boutonnat, Managing Director for Lightsource says “Utility scale solar PV is developed and deployed faster than most other power generation technologies out there. We have proven in a short space of two years that large scale solar PV can be deployed responsibly and efficiently to meet the UK’s immediate electricity demands. To stay ahead, we have to ensure we work alongside businesses that can react to meet our appetite for growth”
“GCube has provided first-class underwriting services for a significant proportion of our operational infrastructure. The firm’s specific and extensive expertise within the renewable energy sector will only become more essential to us as we look to safeguard ourselves against construction and operational risks at this crucial stage of our development.” Continues Kareen.
In combination with other key clients, such as Low Carbon Solar and Inazin, GCube now have a significant share in the commercial UK solar market.