Ariel Re, through its Lloyd’s Syndicate 1910, has insured the performance of battery energy storage solutions provider, Powin LLC, at a project by Invenergy, a global developer, owner, and operator of sustainable energy solutions, in Baja Californian Sur, Mexico.
Powin is a global leader in the design and manufacture of battery energy storage solutions, dedicated to building products to address the growing demand for the utility-scale and commercial markets.
Via its Lloyd’s syndicate, reinsurer Ariel Re provides Battery Storage System Replacement Cover to support Powin’s contracted capacity guarantee in the event of unexpected defects and / or accelerated degradation of the storage systems causing a warranty default.
Frank Petrocelli, Senior Risk Analyst, Clean Energy Risk Solutions at Ariel Re, commented: “As the utility-scale storage market continues to flourish and deliver enhanced asset valuation through improved grid flexibility and project owners and investors seek support of complex performance warranties from BESS technology providers, the market will benefit from insurance products from strong counterparties like Ariel Re.”
George Schulz, Ariel Re, said: “The Powin team has demonstrated a scalable storage solution with keen focus on supply chain management to produce a reliable energy storage system; with open dialogue and sharing of information, it enables us to tailor a custom risk transfer solution. Ariel Re is pleased to help Powin achieve its strategic growth goals.”
The Chief Executive Officer (CEO) of Powin, Geoff Brown, added: “Over the past two years Powin has made tremendous strides in building a trusted reputation with our customers and partners in the energy industry. This announcement with Ariel Re is yet another key milestone in our mission to become the leader in the industry.
“With 750MWh of projects in operation, over 2 GWh in construction and an additional 4 GWh contracted, Powin has established itself as one of the fastest growing, highest value, and safest energy storage system integrator in the world.”
As Powin continues to sharpen their technology in an effort to deliver leading products in terms of adaptability, reliability, and safety, Ariel Re says that it is delighted to partner with the firm to strengthen its position as a global leader of energy storage solutions.
Hub International served as the exclusive broker for the transaction.