Munich Re Green Tech Solutions has completed its final certification of photovoltaic warranty insurance with Sunova Solar, a Tier 1 global energy solutions business that designs and manufactures clean renewable energy components.
During a recent signing ceremony at the company’s global Sunova headquarters, William Sheng, CEO of both Thornova and Sunova Solar, joined Kollsman Chan, regional head of business development of Munich Re Green Tech Solutions to formalize the agreement, which covers both Thornova and Sunova Solar products.
It is important to note that the backing of Munich Re will provide project owners and developers the assurance of long-term bankability of Sunova Solar solar modules for 25-30 years.
Moreover, PV reinsurance is extremely vital for ensuring the bankability and reliability of large-scale solar projects.
“This certification is one more validation of Sunova Solar as a Tier One manufacturer and a reliable partner for North American companies,” said Mr. Sheng. “We are proud to ensure this additional security for our customers as they tackle the world’s greatest risk: climate change.”
In addition, the PV reinsurance certification process involved technical due diligence and multiple factory site visits by Munich Re to validate the quality and performance of Sunova Solar products.
Earlier this year, Munich Re also backed climate-tech pioneer raicoon’s industry-first 100% fault detection guarantee with zero false alarms for solar energy operations.