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The US has experienced some of its deadliest storms and extreme weather challenges over the last few years. These extreme natural disasters and weather-related circumstances pose a great threat to solar projects. In some cases, the projects need to cease operations, leading to financial losses for the asset owners. In 2019, the damage caused by a hailstorm at a 160 MW solar project in West Texas resulted in an estimated (insured) loss of $70m–$80m.
Overall, the risk management process in solar projects entails many layers from design considerations, choice of technology, EPC/ O&M experience to site-specific elements. When it comes to insurance, location related characteristics and risks have become increasingly more important as the solar insurance market is becoming more of a sellers’ market.
This white paper provides an overview of the US solar insurance market and includes information on the key actors and insurance types.