Solar Under Performance Insurance Coverage makes every solar project more bankable for every financial institution, bank or investor.
FirstNRG Insurance Services provides access to product guaranteed by only “A" rated carriers to protect your installation from additional financial charges due to low performance of the solar power plant.
FirstNRG has established a partnership with a leading worldwide insurance companies in order to support our clients needs. Solar Under Performance Insurance Coverage can saves millions of dollars to investors, developers and asset managers if the solar installation does not produce energy at the specified level of performance and the revenue requirements are not met.
Solar Under Performance arises from:
- Reduced global solar radiation in comparison with profit survey.
- Reduced performance of the facility’s components in comparison with the minimum performance of the manufacturer.
- Above average or excessive wear.
- Reduced Yield Cover is triggered if actual annual output falls below 90%, then pays up to 30% of projected yield.
- Uses design yield report as base for PV output projection (PvSyst, PVGIS, PVWatts or equivalent)
- Under performance cannot arise from Property or Equipment Breakdown peril
- Loss calculated on an annual basis
Main Benefits:
- World Class Insurance Solution from A.M. Best and S&P “A" rated insurance companies
- Access to more efficient capital
- System Revenue Protection
- Enhanced credit worthiness
- Insured up to 90% of expected energy production
- More favorable financing terms by lenders, financial institutions and banks
