Specialist renewable energy insurer GCube has been selected by Paris-based developer Neoen to provide cover for a 300 MW solar plant in France which once complete is will be Europe’s largest solar photovoltaic park.
The Cestas project (pictured) near Bordeaux comprises several individual sites and is due for completion in O ctober next year.
GCube will insure technological assets worth €285m ($353m) and all project revenues involved in the park. During the 12-month construction phase, the firm will provide construction all risks, advanced loss of profit, natural catastrophe and terrorism cover.
GCube underwriter Jamie Fleming said: “The PV industry in Europe to date has predominantly consisted of small sites in a handful of core markets such as the UK, Germany, Spain and Italy.”
He said that the Cestas project “is a timely reminder of French ambition in the market and may well initiate a shift in the status quo going forward”.
“It’s certainly an indication that the economies of scale being achieved in the global industry can make utility-scale solar a viable part of the European energy mix.”