SAN FRANCISCO–(BUSINESS WIRE)–Upsolar, a leading international provider of solar PV modules, today announced a milestone in its drive to lead the industry in bankability: The company’s products have been accepted into the newly formed PowerWrap™ Systems Performance Guarantee Program from PowerGuard Specialty Insurance Services. As one of the firm’s first “pre-approved providers,” Upsolar now enables developers using its modules to receive discounted rates on the PowerWrap Systems Performance Guarantee.
“After our analysis, we certified Upsolar based on the company’s track record of quality production. Solar project developers who use Upsolar modules will now benefit from streamlined underwriting and preferred pricing of PowerGuard’s new PowerWrap product.”
The PowerWrap insurance policy guarantees the output of the entire solar project system, providing a financial backstop for the design of the system; the installation of the system; warrantees for system hardware including panels, inverters, racking, trackers, loss of revenue and tax credits (SRECs) and contractually increased costs and liquidated damages, all in a single policy form. In some cases, even lack of sun coverage can be wrapped into the coverage. Developers of projects in North America and select projects in Europe using Upsolar modules will receive rate and pricing credits in the process of underwriting the PowerWrap coverage and determining the cost of coverage. The policy boasts a solid financial foundation, as it is written on A.M. Best “A” rated, class XV paper by a single global insurance company.
“We looked at the numbers and liked what we saw,” said Dan Francis, retail insurance broker and alternative energy specialist for Edgewood Partners Insurance Center (EPIC). “After our analysis, we certified Upsolar based on the company’s track record of quality production. Solar project developers who use Upsolar modules will now benefit from streamlined underwriting and preferred pricing of PowerGuard’s new PowerWrap product.”
“Last year, we adopted PowerGuard’s PowerCLIP™ warranty, which set us apart from competitors by ensuring rock-solid warrantee coverage no matter what happens in the marketplace,” said Zhe Jiang, CEO of Upsolar. “With our inclusion in PowerWrap, Upsolar has taken the next step in delivering security and value to our customers.”
Upsolar is a leading international solar module developer and producer, offering the solar industry’s best quality / price ratio in the global PV market. With vertically integrated, diversified manufacturing platforms, as well as an R&D-supported quality control management system, Upsolar produces high quality, reliable solar modules backed by a world-class warranty, at competitive prices. Headquartered in Shanghai, Upsolar has offices throughout Asia, Europe and North America to support an international customer-base, providing on-site technical support, customer service and product development teams. For more information, visit www.upsolar.com.
About Edgewood Partners Insurance Center (EPIC)
EPIC is an innovative California-based retail property & casualty and employee benefits insurance brokerage firm. EPIC’s experienced Renewable Energy team brings together knowledgeable insurance and risk management professionals with expertise in all sectors of renewable energy manufacturing, construction and development. Whether the technology is solar, wind, biofuel/biomass or fuel cells, EPIC can provide every aspect of risk management and insurance program design. For more information regarding these specialized renewable energy products please contact Dan Francis at (415) 356-3931 or firstname.lastname@example.org
With $60 million in revenues, EPIC is the 5th largest privately-held broker in California and 42nd largest broker in the United States. For more information please visit www.edgewoodins.com.
About PowerGuard Specialty Insurance Services
PowerGuard, which is a wholly owned subsidiary of EPIC is a Managing General Agent and Lloyds cover holder specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies. Its founders and principals have more than 20 years of experience providing innovative products and services to meet the rapidly evolving needs of the energy business. PowerGuard’s proprietary warranty product – PowerCLIP – is the most comprehensive contractual liability coverage available to wind turbine manufactures, wind farm owners / operators and the financial institution and private equity firms who invest in them. For additional information, please visit the PowerGuard Web site at http://www.powerguardins.com/