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Solutions

Solar power projects

Supporting more than 162 gigawatts of solar power projects worldwide, our team of global specialists understands the challenges you face and offers tailored risk management solutions at every stage of your project.

Comprehensive solutions

Access to global insurance markets, bespoke policy wording, and risk allocation strategies that suit your project partners and stakeholders.

Sophisticated risk modelling

Insightful data and proven proprietary modelling tools give you control, and help optimise your total cost of risk.

Deep expertise

Our advisers, engineers, brokers, claims advocates, and finance and commercial specialists will help you manage complexity and stay in control of your project.

Utility-scale photovoltaic solar farms have been in operation around the world for more than two decades. Investment demand has helped drive down component costs, and solar farm generating capacities have quickly scaled up. Today, solar is one of the primary sources of renewable energy, and investment in new plants is likely to grow as the energy transition accelerates.

The primary risk considerations for investors and insurance markets include:

  • Technology failures. The most common causes of losses include:
    • Inadequate design or quality control in component manufacturing
    • Aging installations and infrastructure
    • Inadequate maintenance programs
    • Environmental damage
    • Fires within componentry
    • Theft and vandalism
  • Extreme weather and environmental exposures. Solar farms have a large geographic footprint, and can be located in remote and weather-exposed areas. They can be damaged by windstorm, flood, lightning, earthquake, hail, snow, and wildfires. Insurers' risk modelling doesn't usually factor in storm variability or landscape characteristics, which can result in higher insurance costs.
  • Contractor risks. Increasing demand for experienced contractors may lead to challenges in balancing project costs and the availability of labour. The claims history of chosen contractors can impact the insurability of a project, or even policy deductibles and premiums.
  • Manufacturing and supply chain issues. To avoid construction delays, developers may choose to opt for inferior quality panels and technology, depending on product availability and price. Operators may face prolonged outages or reduced generation capacity while waiting for replacement parts.
  • Evolving technology. Floating solar farms can overcome land-use issues, but may introduce other environmental concerns. This advancement may present new challenges for the durability of materials, effectiveness of cabling and mooring systems, and ingress of water. Cyber risks continue to present an emerging and serious threat to the sustained operation of solar plants.

Read our full guide on risk management solutions for solar projects.

Marsh provides you with a tailored approach, and comprehensive solutions

We understand that every project is unique. Our team will support you through each project milestone to optimise your risk management strategy.

Design

Position your project for success

  • Engineering support
  • Technology analysis
  • Loss modelling
  • Stakeholder management
  • Insurance budgeting

Construction

Get it built

  • Supply chain analysis
  • Health & safety strategy
  • Operational insurances
  • Hand-over to operations

Operation

Protect your assets and your business

  • Risk management framework
  • Captive strategy
  • Loss limit reviews
  • Specialist claims services
  • Decommissioning planning

Decommissioning

Close it out responsibly

  • Risk and liability review
  • Ongoing insurance

Our people

Our global renewable energy team includes insurance advisers, risk engineers, brokers, claims advocates, project finance specialists, and former industry risk managers. Contact one of our solar power leaders for support.

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Jane Smith

Head of Energy and Power, Pacific

  • Australia

Jane Smith is the head of Marsh’s Energy and Power Practice in the Pacific. She has more than 36 years’ experience in the insurance industry and has worked with some of Marsh’s largest Australian and global clients. She has spent the majority of her career working in the energy, power, and utilities industry and has an excellent understanding of the issues and complexities in the sector. She spends the majority of her time utilizing her experience and expertise to help our major clients drive strategic outcomes. She is the recipient of multiple industry awards.

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Gemma Claase

Head of Renewable Energy, Energy & Power Practice

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 23/205

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”