By Renewable Energy Focus staff
The provision of key data will allow underwriters to correctly price the risks associated with renewable energy projects and access a market which will see approximately £200 billion of insurable assets deployed offshore UK by 2020, Narec says.
Additionally, Narec Capital will provide direction and assistance to both private and institutional investors, on a whole-of-market basis, to enable them to benefit from the opportunities created by better insurance provision and greater understanding of the renewable arena.
Jerry Biggs, a Director at Ashberg, says: “The joint venture between Narec and Ashberg aims to revolutionise current investment in the renewable energy sector by de-risking projects and technologies, in order to increase capital flow through the provision of a unique mix of engineering and financial expertise.”
Alan Rutherford, Chairman of Narec, adds: “Narec Capital has been set up as our commercial arm to help the capital markets access Narec's wide-ranging technical capabilities.
“The opportunities are immense and we have the ability here in the UK to lead the world in de-risking these investments. However, banks are reluctant to lend and funds are hesitant to invest as they wait for proven technologies. The answer must lie in lowering the risks for investors and I thus have no doubt that the insurance industry will be key to unlocking the capital markets for the renewable sector.”