Concentrating photovoltaic (CPV) solar system maker Soitec of Bernin, France has signed a performance-warranty insurance contract with Munich Re, which will cover all CPV modules manufactured by Soitec.
Soitec already provides its customers with a module power output warranty that guarantees its products' performance for 25 years. However, from now on in the unexpected event of an excessive loss of output from the CPV modules, Munich Re, through its subsidiary Great Lakes Reinsurances, will indemnify Soitec for its warranty obligations. This performance-warranty insurance contract covers the long-term warranty risk and therefore gives the CPV modules manufacturer additional financial protection. In addition, Soitec's customers will have the option of directly taking out insurance policies for specific projects with Munich Re, allowing the projects to become direct beneficiaries of the insurance.
Before signing the contract with Soitec, Munich Re conducted an in-depth review of Soitec's modules as well as its manufacturing and quality control processes.
Gaetan Borgers, executive vice president of Soitec's Solar Energy Division, said: "Our CPV modules have proven to be extremely durable and reliable. We have already installed our products in 18 countries worldwide and have yet to receive any warranty claims due to module degradation. The contract with Munich Re, following their due diligence, is another element supporting our high confidence level with regards to the robustness of our product."
