Risk in Context Podcast: Accelerating renewable energy growth requires mature risk management processes

As more businesses embed sustainability and resource security into their business strategies, demand for renewable energy is increasing.

solar panels and wind turbines on summer landscape with mountains on background

As more businesses embed sustainability and resource security into their business strategies, demand for renewable energy is increasing. However, renewable energy project owners often encounter significant challenges with obtaining appropriate insurance coverage, which could slow down development and resilience efforts.

In this episode of Risk in Context, Funké Adeosun, global head of renewable energy consulting within Marsh Speciality’s Energy, Power, and Renewables Division, talks to Mike Kolodner, Marsh’s Global Renewable Energy and US Power Leader, about the issues that renewable energy companies are facing as they seek to fulfill lenders’ insurability requirements and the increasingly important role that risk managers play in helping companies identify and manage their risks. Thi Lee, director of risk management at Pine Gate Renewables, Lorena Torres, director of risk at Clearway Energy, and Joe Meaney, vice president of global insurance and risk engineering at AES Corporation, also share their perspectives about the industry’s growth and the importance of robust risk management processes. 

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Key takeaways

Cost of insurance increasing emphasis on risk management

As insurance costs increase, renewable energy companies are focusing more on risk management to reduce overall costs and improve asset valuations.

Pace of development contributing to insurability challenges

Renewable energy technologies are developing at a fast pace, and often faster than they can be established as proven, leading to challenges underwriting the risk.

Mature risk management strategies are a critical differentiator

Renewable energy companies that focus on strategically managing and minimizing their risks can unlock value for their organizations and improve their insurability outcomes.

About our speakers

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Funké Adeosun

Global head, Renewable Energy Consulting

Funké Adeosun is Marsh’s global head of renewable energy consulting, responsible for fostering service harmonization and creating advisory consulting solutions for Marsh’s renewable energy clients. She engages regularly with renewable energy regional client engagement teams, global renewable engineering teams, and regional advisory consulting teams.

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Michael Kolodner

Global Renewable Energy Leader

Mike Kolodner is Marsh’s Global Renewable Energy and US Power Leader. A former US Naval nuclear submarine officer, he has more than 20 years of operational, brokerage, advisory, and underwriting experience in clean energy risk and insurance management. Based in Boston, he leads an integrated team of more than 250 renewable energy specialists around the world.

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