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Munich Re Insures Concentrating Solar Power Plant for First Time
European reinsurance giant Munich Re recently announced that it has agreed to insure the performance of solar thermal equipment of American manufacturer SkyFuel. This is the first time that Munich Re has provided guaranteed insurance for the performance of concentrating solar power plants.According to reports, SkyFuel’s concentrated solar energy technology is different from photovoltaic technology that directly converts sunlight into electricity. Instead, it temporarily stores the collected solar thermal energy in thermal storage equipment, allowing solar power plants to generate electricity at night. SkyFuel said it has reduced equipment installation costs by 25% over the past few years.
Through this policy, SkyFuel will provide customers around the world with a 5-year equipment thermal efficiency performance guarantee and a 20-year specular reflection performance guarantee. If the equipment does not meet the above standards, the loss will be compensated by Munich Re.
Munich Re conducted a detailed review of SkyFuel's R&D and manufacturing processes before underwriting, and also considered expanding the risk of underwriting the manufacturer's inability to pay its debts and providing further protection to the operator. Therefore, the policy can give operators and investors greater confidence in investment planning.
A senior executive from Munich Re said: "Since 2009, Munich Re has provided insurance protection for 15 photovoltaic solar manufacturers. In the near future, the company will also provide similar insurance products to other renewable energy manufacturers to reduce investors' investment risks and promote the industry."
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