Reinsurer Munich Re has signed an agreement with Astronergy, a China-based electrical manufacturing conglomerate, to cover Astronergy's crystalline-silicon PV modules sold by the Chinese firm as of 1 January 2011.
The new contract additionally calls for Munich Re to back-up the performance warranties provided by Astronergy against excessive power loss over the next 25 years.
The agreement follows prior collaboration in 2010. The new contract covers the entire 2011 and 2012 production volume of Astronergy Solar, said Astronergy.
Astronergy CEO Liyou Yang said the best way to protect the investment on PV systems is by choosing the most reliable partners for PV modules.
"Having our modules’ quality recognized by Munich Re is the result of extensive long-term efforts and continuous improvement, and we are looking forward to maximizing our customers’ benefits through this service," Yang said.