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.
To learn more aboutthe topic beyond this white paper,
join Solarplaza Summit Asset Management North America on 13 April, taking place in San Diego.
Download our White Paper