Munich Re has launched an insurance solution to offer a performance warranty for solar panels in the US through a new plan that covers concentrator photovoltaic (CPV) systems manufactured by SolFocus.
Munich Re, SolFocus and broker Woodruff-Sawyer & Co collaborated on this coverage for CPV technology systems.
With a view to climate change, Munich Re has devised a number of coverages that reduce the risks in renewable energy for investors and thus make such investments possible.
Manufacturers of modules can take the long-term, technical guarantee risk off their balance sheet, thus easing the financial burden and giving their customers security, Munich Re said.
Munich Re claimed that it is already offering performance-warranty insurance avaiable to several other manufacturers of photovoltaic cells based on other technologies, but this is the first CPV offering.