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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 modeling

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

Deep expertise

Our advisors, 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 modeling 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 labor. 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 optimize your risk management strategy.

Design

Position your project for success

  • Enginerring support
  • Technology analysis
  • Loss modeling
  • 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 framenwork
  • 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 advisors, 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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Joanne Silberberg

Managing Director, Energy & Power Leader

  • Canada

Robert Hale

Robert Hale

Power & Renewable Energy Leader UK