An insurance services firm for the renewable-energy industnry, has added an additional $100 million to its existing offshore renewable energy project capacity.
GCube says significant growth in the offshore renewable energy sector, particularly in Europe, and potentially the US and South East Asia in the near future, brings a market need for insurance capacity that supports the global proliferation of offshore wind developments. The company provides insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro, and tidal around the globe.
The firm has secured the additional financial sector support despite a difficult market, a task that highlights confidence in the business from its capital providers.
“While more expensive than its onshore counterpart, offshore wind is politically beneficial and offers the potential for a much larger market,” said Fraser McLachlan, Chief Executive Officer, GCube. “Part of its substantial cost base is due to the technical challenges of installation and maintenance. Working directly with new capital, we are now able to offer underwriting capacity that will support the most ambitious offshore developments worldwide.”
“With the development of North American offshore wind energy still a year or more away, it is important we continue to provide financial and operational security to assist developers and investors who have already committed to this space,’ says GCube Insurance Services President John McLane.