ICICI Lombard is Offering Solar Panel Warranty Insurance Policy.

ICICI Lombard General Insurance made an announcement today that solar park developers can now be covered under the insurance scheme and stated 

" The standalone insurance product gives comfort to lenders and investors and is a perfect solution to support project finance. The product will be distributed through the company’s branches and affiliated agencies. "

Alok Agarwal, Executive Director, ICICI Lombard General Insurance told that " The viability of solar power projects depends largely on the performance of solar modules. Also, the risks associated with this industry are different compared to the conventional power generation sources, such as thermal power plants. Thus, a comprehensive solar panel insurance product would help in covering the various risks associated with developing, building, operating, owning and investing in solar power projects. "

With the increase in Solar Industry all across the country to achieve the target of 100 GW solar energy by 2022, this insurance scheme will contribute a lot.

Agarwal added " This is a long-term product in which a solar park developer is protected for at least 15 years from the start date of commercial operation of solar parks. This will make the energy transition cheaper and generate more economic value. To enable this transition, we must frame the right policies, and must embrace the new era of solar power and uphold our promise to provide a cleaner environment for our future generations. "

Key problems such as degradation of PV modules, material ageing and under performance of PV modules will be covered in this scheme.