In this episode of The Solar Podcast, Alex Deng, Director of Business Development, joins host Dave Anderson to lift the veil on solar project finance and insurance, explaining the key but unseen role insurance plays in getting renewable energy projects built.

Natural disasters and extreme weather events are no longer isolated incidents or mere statistics. They are the harsh realities of a planet in peril, and the climate insurance segment has become truly necessary as we work urgently to transition to renewable energy and decarbonize the economy.

A joint submission from US specialty managing general agent (MGA), kWh Analytics, and specialty re/insurer Aspen – focusing on solar and renewable projects – shone out in the climate and sustainability collaboration award category.

The initiative involved the specialty MGA launching a property insurance product for renewable energy assets in January 2023, with Aspen as the capacity partner. The product provides coverage against physical damage for solar and other renewable projects, and has introduced much-needed capacity to a rapidly growing industry at a time when traditional insurers are tightening their portfolio exposure.

Climate change is driving an urgent shift to renewable energy, creating demand for insurance products that support sustainable infrastructure. As a result, climate insurance has emerged as a new and critical sector of the insurance industry.