Renewable Energy Sources (RES) insurance on time

REIB offers solutions for the benefit of all who invest in green energy – sun, wind or water

13:33 20.05.2022 ~ 3 min read

Renewable energy is gaining momentum again and is becoming a preferred type of investment. Renewable Energy Insurance Broker (REIB) is an insurance broker specializing in renewable energy. The company counts on experienced teams, has been on the market for over 11 years and has insured solar assets on four continents. For the last 4 years it has been a member of Solar Power Europe, as well as a co-founder of the Association for Production, Storage and Trading of Electricity (APSTE).

The risks

The traditional risks against which insurance can be taken are: Fire and natural disasters; Floods; Earthquakes; Overvoltage and electric shock; Lightning strikes - direct and indirect; Machinery breakdowns; Interruption of productive activity; and Theft, robbery, vandalism. At the client's request, other specialized risks can be envisaged, including: Loss of income; Insurance against reduced yield, Аdjustment of the insurance premium according to the market, etc.

The interest

Here is how Delyan Iliev, manager of REIB LTD, commented on the growing interest in solar power plants and large renewable energy installations: “In the last few months, electricity prices have risen dramatically. This is a prerequisite for a large number of enterprises, factories, logistics centers, and hotels, regardless of their capacity, to focus on the construction of photovoltaic power plants for their own consumption. In addition, the high price of electricity is an opportunity for large investors to plan and implement solar projects in Bulgaria. In the last 4 months alone, we have received numerous inquiries from foreign investment funds, ready to invest in our country in projects worth between 5 and 50 million euros.”

The benefits

Why is it worth insuring RES parks and installations? “Investing in a solar park is not a cheap undertaking and whoever has taken such a step understands the importance of insuring the installation during its construction. The specialized insurance product and especially the risk of reduced yield, in other words, guaranteeing the production output, is a coverage that is useful for any financing bank or leasing company, as it ensures the cash flow of the project and the smooth payments under the repayment plan," commented Delyan Iliev. REIB has been on the market for a long time and so far there has not been a case of someone becoming a client after initially deciding to skip on insurance but then, due to subsequent troubles, turned to it as a recourse. However, there are examples of investors seeking their services after finding the difference in the conditions provided by REIB compared favourably to those offered by other market players. "A certificate of our professionalism is the loyalty of our long-term clients, some of which we have been together with for over 11 years," the company assures.

The Green Deal is an unavoidable factor. And this is how Delyan Iliev sees the role of REIB:

During this transformation we will be of benefit to all those who would invest in green energy sources – be it sun, wind or water. Our advantage over all others on the market is that we understand the needs of our customers in the solar sector and through specialized insurance solutions, such as Loss of income (not of profit) and Risk against reduced production, we shore up every investor's business plan and make the project more bankable.