Descartes Underwriting, a specialist in corporate parametric re/insurance solutions for climate and emerging risks, and Nextpower™, a provider of solar and power technology solutions for utility-scale power plants, have partnered to launch an integrated parametric insurance solution for extreme wind conditions.
By leveraging site-level wind data from Nextpower meteorological stations, this new product aims to protect solar power plant operators from the financial impact of straight-line wind (SLW) events, one of the most destructive and underinsured perils facing the global solar industry.
The new SLW solution provides up to USD80 million in limits per policy globally and up to USD100 million in the US.
Moreover, it can be bundled with Descartes’ satellite-based tornado and radarbased hail products to deliver comprehensive protection against severe convective storm (SCS) events.
Coverage is available through commercial re/insurance brokers for eligible Nextpower customers worldwide.
Daniel Vetter, Head of Americas at Descartes, said: “We’re thrilled to partner with Nextpower to bring this next-generation SLW solution to solar operators around the world. As the global solar PV market accelerates toward an expected $700 billion valuation by 2035, developers are increasingly building in regions where severe convective storms are both frequent and intense.
“By combining our advanced parametric modeling capabilities with Nextpower’s onsite wind data, we are delivering a level of coverage precision and responsiveness that the industry has not previously had access to. This partnership reflects our commitment to supporting the resilience of critical renewable infrastructure in the global energy transition economy.”
Descartes’ climate scientists and natural risk modellers leverage real-time wind speed data from Nextpower’s on-site meteorological stations to set parametric insurance triggers.
By anchoring payouts to protect specific to on-site measurements, the solution is to reduce basis risk and help align them more closely with site-level wind conditions.
While Nextpower’s tracking systems provide word-class physical resilience against severe wind, the Descartes policy has been designed to complement as a financial backstop for extreme weather events that exceed normal operating conditions.
This novel integrated solution provides Nextpower system owners with a significant financial safeguard against damaging wind events. Its parametric structure ensures rapid payouts, enabling faster reconstruction and business continuity after severe convective storm events.
Beyond physical repairs, the coverage helps operators manage financial obligations like PPA commitments, debt servicing, and tax equity stability.
Andrew Griffiths, Vice President, Asset Management at Nextpower, commented: “This partnership reflects our commitment to delivering intelligent solar energy infrastructure that not only performs in the field, but also strengthens long-term project resilience. As severe weather risks intensify, solar operators need faster, more precise ways to protect project economics and keep critical clean energy assets online.
“By integrating wind measurements from Nextpower’s on-site meteorological stations with Descartes’ parametric coverage, we are helping customers reduce uncertainty after straight-line wind events, access liquidity, and accelerate the path to recovery.”
