Climate insurance provider Descartes Underwriting has partnered with Nextpower to integrate its data-driven insurance solutions to help protect solar power plants. This coverage is based on wind condition data gathered from project sites, and concerns the growing presence of dangerous “straight-line winds.”
Credit: Nextpower
Descartes’ climate scientists and natural risk modelers use real-time wind speed data captured by Nextpower’s integrated meteorological stations. By anchoring parametric triggers to on-site measurements, the solution is designed to reduce risk and help payouts reflect site-level wind conditions. Descartes stated that beyond physical repairs, the coverage is meant to help operators manage broader financial pressures, including PPA obligations, debt servicing and tax equity stability.
Descartes is providing up to $100 million in project coverage in the U.S. for wind conditions. This coverage is available through commercial (re)insurance brokers for eligible Nextpower customers worldwide.
“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,” said Daniel Vetter, head of Americas at Descartes. “By combining our advanced parametric modeling capabilities with Nextpower’s on-site 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.”
News item from Descartes Underwriting
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