Renewable energy underwriter, GCube, has announced that it has signed a two-year contract renewal with Lightsource Renewable Energy.
The agreement will see GCube continue to provide Operational All Risks, Business Interruption, Contingent Business Interruption, Third Party Liability and terrorism cover for 70MW of Lightsource’s solar farms across England.
The latest deal is in addition to an existing 180MW of assets that went on cover back in March this year. Jamie Fleming, underwriter, GCube, commented: “The solar industry has consistently flourished in the last two 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.
“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.”
The company believes that the sizeable growth of utility-scale solar in the UK and the rise in ownership of operational projects has created a market need for solar farm insurance. GCube currently has a number of solar PV clients including Low Carbon Solar and Inazin.
Kareen Boutonnat, managing director for Lightsource added: “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.”