Specialty insurance provider Assurant, Inc. is teaming up with Solarrus Corp. and its full-service solar energy operations and maintenance subsidiary True South Renewables to reduce the uncertainty and risk associated with commercial solar photovoltaic (PV) installations. This should come as welcome news for commerical PV project owners, given the string of bankruptcies and intense competition that continues to characterize the industry today.
The partner companies see mutual benefit in leveraging their respective expertise. Solarrus and True South Renewables will be able to take advantage of Assurant’s financial and risk management acumen, while Assurant will be able to tap into Solarrus’ engineering skills and technical knowledge “to reduce commercial-scale project risk, enhance project investment opportunities and better service customer needs,” according to a joint press release.
Assuring Commercial PV Project Performance
True South Renewables’ experience in solar PV project operations and maintenance (O&M), in turn, affords Assurant access to “field service support for the warranty management component of its Assurant Solar Project Insurance product,” which covers solar PV projects in the 100-kilowatt (kW) to 3-megawatt (MW) range.
The partners also intend to create an asset management program that allows “solar project owners to contract for technical, financial and operations management to optimize system performance and protect their investment.”
As part of its O&M services, True South provides preventative, corrective and condition-based maintenance to ensure that solar array energy output is maximized so that revenue generation, in turn, is “consistent and ongoing.”
“This unique arrangement brings together two industry innovators to meet the risk management needs of solar project developers,” Solarrus chief executive Bill Klein stated in the press release.
“Our proven O&M practices and solid results in maintaining solar arrays help ensure projects across the country continue to perform and generate consistent energy output. Working with Assurant, we can help further strengthen the industry and solidify the operations and maintenance standards.”
Assurant introduced its solar insurance product to the market in May. It includes liability and property coverage, as well as a warranty administration program, according to the specialty insurance provider. The solar PV project insurance and warranty package was developed in collaboration with solar PV developers, lenders, brokers, other service providers, and equipment manufacturers.
Photo Credit: True South Renewables
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