ACWA Power has selected GCube Insurance Services and Munich Reinsurance (Munich Re) to provide specialist insurance and risk management services for Noor 1 concentrated solar power (CSP) project in Morocco.
The company has appointed Marsh’s Renewable Energy and Power Practice as the insurance adviser and placement broker.
Munich Re and GCube are leading the Marsh-designed integrated policy, which covers a 28-month construction period and one year after completion (operational phase). Together the companies provide 50% of the risk capacity.
Located in the city of Ouarzazate, the parabolic trough project features a solar field, a power block and a thermal energy storage system and generates up to 160MWe of electricity with up to three hours of storage.
The plant, which will form the first part of a 500MW solar power complex, is expected to start commercial operation by the end of 2015.
Munich Re senior underwriter Manuel Pape said the realization of the plant is a key step towards a sustainable energy production from renewable sources in the MENA region.
“Together with our strategic partner GCube, MunichRe not only provides a major share of insurance capacity but also technical risk management services during the construction and operational phase,” Pape added.