View this article online: https://www.insurancejournal.com/news/national/2010/10/07/113901.htm
Munich Re has launched coverage in the United States for the photovoltaic-producing segment of the solar module industry and first ever of its kind in the world for CPV systems.
CPV (concentrator photovoltaic) technology uses innovative optics to concentrate sunlight onto a small area of high-efficiency solar cell material. By extending coverage to this most solar technology, Munich Re provides solar plant operators and investors greater planning security.
The new coverage, sought by Calif.-based SolFocus, will back up that company’s ability to extend a 25-year performance warranty for its CPV systems. The insurance permits SolFocus to remove the long-term, technical guarantee risk off its balance sheet, softening its financial burden and providing customers greater security.
Munich Re already makes its performance-guarantee coverage available to several other manufacturers of photovoltaic cells based on other technologies but this is the first CPV offering.