GCube Insurance Services, a specialist renewable energy underwrite, now provides coverage for more than 4 GW of Canadian wind assets. This figure is expected to increase with the strong construction pipeline for new wind infrastructure in the country.
As of last year, and following the installation of 36 new wind-energy projects, Canada sits seventh in the world in terms of total installed capacity. At just less than 12 GW, wind energy accounts for 5 percent of Canada’s electricity demands. However, the country has a long-term aim to reach a capacity of 55 GW by 2025, accounting for 20 percent of its total energy needs.
“We’re delighted to have reached this considerable milestone in underwriting a third of Canada’s wind market,” said Jatin Sharma, head of Business Development for GCube. “Despite the challenges it’s faced, we’re confident that the Canadian market’s goals are achievable, and that we will continue to see further growth in the sector. Experienced risk and insurance managers understand the importance of supporting their colleagues to reduce unscheduled downtime and sustain profitability. This peer group, notably those that are expanding beyond wind into solar PV, has taken the greatest interest in GCube’s technical reports.”
Extreme weather-related risks, such as the recent wildfires in Alberta, can pose a serious threat to renewable energy assets. GCube’s “Cell, Interrupted” report, recently released to the firm’s international community of insured clients and supporting brokers, reveals close to 50 percent of all solar PV claims in the North American market can be attributed to extreme weather-related events.
Over the past 25 years, GCube has provided developers, operators, and investors with the necessary insurance services to mitigate these risks, ranging from all-encompassing Construction All Risks (CAR) and Operation All Risks (OAR) coverage, to tailored liability, transit, and cargo policies.
GCube is further supporting Canadian project operators with its tailored Weather Risk product, designed to mitigate the impact of resource volatility, which has had a severe impact on wind operators in the United States.
Source: GCube Insurance Services
For more information, go to www.gcube-insurance.com