The domestic solar power industry has witnessed huge growth over the past few years with the government’s push for the National Solar Mission initiative.
The viability of any solar power projects depends largely on the performance of solar modules so a comprehensive solar panel insurance product would help in covering the various risks associated with developing, building, operating, owning and investing in solar power projects.
ICICI Lombard General Insurance today announced it will now covers solar park developers by insuring the park owners. The standalone insurance product gives comfort to lenders and investors and is a perfect solution to support project finance.
This is a long-term product in which a solar park developer is protected for at least 15 years from the start date of commercial operation of solar parks. This will make the energy transition cheaper and generate more economic value.
This Insurance caters to solar park developers with the park owner as the insured and sole beneficiary. The policy safeguards the insured against performance degradation of PV modules, under performance warranty due to the hazards related to faulty manufacturing, material defects and material ageing.
The product will be distributed through the company’s branches and affiliated agencies.