Renewable energy projects underwriter, Gcube, has today announced the launch of a new consortium, comprised of six Lloyd’s syndicates, to provide battery energy storage system developers and asset owners with up to US$100m of capacity.
As larger utility-scale BESS assets start to come online with capacities of 100MW upwards, and durations reaching up to 4 hours, project values and financial risks have increased proportionately.
Fraser McLachlan, CEO, GCube Insurance, said: “We have been studying developments in BESS and patiently increasing our capacity over the last 12 years. Our BESS consortium now formalises our significant commitment to the sector. BESS has reached a point of maturity where more and more capacity is required, but the complexity of mitigating losses with evolving technology also requires this capacity to be well-versed in handling claims and selecting risks. This is the basis for GCube expanding its presence in the sector.”
GCube’s arrangement with capital providers in the Lloyd’s market makes full follow capacity accessible to brokers from all its offices in Europe, the US and Australia.
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