This insurance solution from the multi-billion dollar global industry leader covers the long-term technology performance risk of Stions photovoltaic modules. The policy would cover Stions warranty for up to 25 years in the event of an unexpectedly large performance loss below guaranteed performance specification.
Prior to the agreement being signed, Munich Re completed an in-depth review of Stions product quality control and manufacturing processes. Backing from MunichRe has become an important milestone for many third-party project financiers, offering proven financial protection while mitigating the long-term technical risk.
We are pleased to be able to offer this policy as both an important product feature as well as third-party validation of our technology, said Jim McGrath, Stions Vice President of Sales. The Munich Re policy provides important financial and technical security to customers and financial institutions.
We are pleased to work with Stion as they continue their expansion into larger projects globally, said Michael Schrempp, Head of Green Tech Solutions for Munich Re. We see considerable growth potential in risk transfer solutions for renewable energy.
Stion worked with Marsh, a global leader in insurance broking and risk management, to secure the coverage.