Reinsurance News

AXA XL’s New Energy Risk insures fuel cell project in South Korea

21st October 2020 - Author: Matt Sheehan

New Energy Risk (NER), an affiliate of global re/insurer AXA XL, has provided an insurance solution to Bloom Energy to facilitate the purchase and financing of fuel cells in South Korea.

new energy riskNER developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for 15 years.

NER has previously worked with green energy firm Bloom Energy on performance insurance solutions in the United States.

In this latest deal, NER developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for 15 years.

The cells total 19.8 MW in capacity and were installed by SK Engineering & Construction Co. Ltd. (SK E&C).

SK E&C holds a 15% stake in the project-owner, SE Greenenergy Co., Ltd., with Korea South-East Power Co., Ltd. (KOEN) holding the other 85%.

NER noted that the project reflects South Korea’s growing interest in reducing carbon emissions, coupled with a power strategy that emphasises distributed power generation.

This is the first-ever solid oxide fuel cell project financed in Korea and will provide enough electricity to power approximately 43,000 homes.

“Our mission at New Energy Risk is to enable technologies that are addressing global challenges,” said Tom Dickson, CEO of NER.

“With this announcement of our first transaction in Korea, we are thrilled that our business itself can reflect that global perspective,” he continued.

“Bloom Energy is a longstanding client, and our relationship with Bloom is one that we’re very pleased to support as the company expands its impact throughout the world.”

Tom Hutton, founder and chairman of NER, also commented: “Technology innovation is a worldwide necessity and we are proud that New Energy Risk has helped bring the latest fuel cell technology to South Korea.”

“As NER grows, it further reflects our goal to expand the scope of insurable risks and develop high-value performance insurance solutions supported by deep technical domain and underwriting expertise.”

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