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A tool designed as an insurance policy for solar-power generation will be used to manage the risk associated with U.S. residential systems for the first time as part of a financing agreement backing 4,000 projects in the Northeast.
Investment manager Nephila Holdings Ltd. and insurance giant Allianz SE have banded together to offer an insurance policy of sorts to wind farm developers known as a “proxy revenue swap.” It’s a technical way of saying they’re guaranteeing that revenue from a farm will fall within a certain range.
A large pharma company recently came to me to discuss energy supply and its need for guaranteed electricity. The company had to take out expensive insurance to cover a power failure event that could interrupt their production line. Why is this a big deal? We’ve all lost refrigeration for a few hours. After talking with the company, it became clear that a power loss lasting only 1 minute can result in a major economic hit because much of the pharmaceuticals are made in large batches to amortize the costs, and increase production. With a power loss, it’s not just a temporary interruption, it’s a lost batch. And the market value of a lost batch can easily reach millions of dollars.
Tokio Marine & Nichido Fire Insurance Co. has begun offering a type of insurance intended to ease the concern of hot springs operators about the impact of new geothermal power stations.
Brazil has long been at the forefront of the clean technology revolution. With an abundance of raw materials and a large potential wind market, Brazil has seen a 19 percent increase in renewable energy capacity over the past five years according to The Pew Charitable Trusts’ 2013 Who’s Winning the Clean Energy Race report. In addition, with $3.1 billion in clean technology investments in 2013, Brazil is home to a growing business environment that many U.S. clean technology companies are keen to capitalize on.
Suniva Inc. this week received the 2010 Green Transaction of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's annual conference in Washington D.C. Suniva used a US $2 million Ex-Im Bank short-term multi-buyer insurance policy to offer a $500,000 credit line to a customer in India to buy its solar equipment, and has a number of other potential export deals in the pipeline. The company plans to expand its U.S. facilities and add U.S. jobs to meet growing demand.
As both public and private financing pours into Renewable Energy projects throughout the world, a U.S. agency has been accused of failing to do its part.
Insurance giants like Swiss Re AG, with the help of a San Francisco firm, now have a way of guaranteeing production from solar farms — not an easy feat considering supplies from these plants rise and fall with the sun. The product that at least one insurance company is now offering is called a solar revenue put.
Colocating energy storage with renewable generation resources seems like a natural partnership to reduce the intermittency of renewable generators. Several projects have been built across the country combining storage with wind or solar projects. While the co-location of such facilities can yield many benefits, there are a number of legal and practical issues that need to be considered when deciding to acquire and co-locate storage facilities (particularly battery projects) with existing or new renewable generation.
San Diego Gas and Electric (SDG&E) has signed contracts with 11 suppliers, including the City of San Diego, for 15 Renewable Energy projects that will produce nearly 4 percent of its expected customers' electricity needs for 2003 and approximately 7 percent of SDG&E's customer needs in 2004.