GCube, a global underwriter for renewable energy initiatives, has signed a contract with U.S. power company, Xcel Energy, for a 200-MW wind project in North Dakota. Xcel Energy currently has 5,794 MW of wind power on its systems. The development in Courtenay, North Dakota forms part of plans to expand its wind portfolio by about…
GCube report sheds light on turbine fires and mitigating risks
Specialist renewable energy underwriter, GCube Underwriting, recently launched a unique report into wind turbine fires. Towering Inferno is the latest in a series of reports for GCube’s insured and broker community, analyzing the root causes, impacts, and mitigation of turbine fires and downtime. Fires are an infrequent occurrence in the global wind energy industry. The 300,000-strong international fleet…
GCube unveils Weather Risk Transfer device for the wind industry
GCube, an underwriter for renewable energy initiatives, has launched a new Weather Risk Transfer device for the wind and hydroelectric energy sectors, providing project owners and stakeholders with a means to mitigate the financial impact of resource volatility. While intermittency is a given for the renewables sector, as the proportion of clean energy generation in…
How are companies keeping production costs downs as blade sizes increase?
Blades are getting longer as developers demand more power from current turbine platforms. To move the trend along, the Department of Energy recently offered up $1.8 million dollars in funding for the development of 60-m long (or more) wind-turbine blades on turbines that stretch over 120 m from base to hub. The challenge for blade-manufacturing…
GCube Insurance launches first unscheduled U.S. wind maintenance protection plan
GCube Insurance, a renewable energy underwriter specialist, has launched Beyond Balance Sheets: Unscheduled Maintenance Protection. This unique, first-to-market service enables financial directors and risk management teams to more effectively manage their long-term operations and maintenance (O&M) budgets and rapidly reduce the requirement for excess working project capital. Project owners now take an increasing interest in managing…
The excessive and essentials in the risk management world
T.J. Rolfing / Account Executive / Holmes Murphy & Associates / www.holmesmurphy.com Simplicity is not a concept associated with selecting insurance for a wind project. This is mostly due to the immaturity of the industry, substantial capital investments, and legal contracts. Because of these constants, certain coverage and limits are required but not needed, while other…
What to do when your turbine warranty expires
Looming deadlines of expiring turbine warranties have project owners taking stock of options and planning their next steps. Lender requirements, project lifespan, and maintenance concerns are just a few factors owners must consider. The good news is that there are more options available than ever before. Project owners usually consider a third-party warranty, an OEM’s…
Enhanced defects coverage for established wind farms
An insurance company focused on renewable-energy projects has launched an Enhanced Defects Coverage program. This provides a realistic and dependable response to equipment upkeep and maintenance when no longer covered by a traditional manufacturer’s warranty. Enhanced coverage comes at a critical time for the international wind energy industry as machinery warranties expire and wind-farm owners…
Defects coverage (insurance) for wind farms
Insurance provider GCube offers an Enhanced Defects Coverage program. The company says this program provides a realistic and dependable response to equipment upkeep and maintenance when no longer covered by a traditional manufacturer’s warranty.
Catastrophic Insurance for Wind Farms
Fraser McLachlan CEO GCube Insurance Services, Inc. Newport Beach, California www.gcube-insurance.com The insurance market thought it had a bad 12 monthswith Australian fires and floods, and the New Zealand Earthquake. Then Japan happened. The world is still reeling from the horrific damage and loss of life due to the March 11 earthquake and tsunami. Governments,…
Wind work in Romania
With Eastern Europe enjoying a construction boom in the wind energy sector, smaller farms like a 10-MW project in the Romanian village of Baia are providing a model for future development in the country. Investors, developers, and operators continue to familiarize themselves with smaller-scale projects that involve less risk.
Reducing uncertainty with a third-party warranty
TJ Rolfing, Holmes Murphy & Associates, www.holmesmurphy.com/expertise/renewable-energy A third-party warranty doesn’t have the time constraints an OEM’s warranty includes. This makes them a good option when projects don’t complete. They can continue the OEM’s warranty so turbines and equipment can be resold. One of the single most important components to the viability, longevity, and ability…
Transferring the risk of your wind farm
Insurance….we can hear the groans already. It is likely we would all agree insurance seems more like a necessary evil than a financial instrument capable of solving business challenges.