PV power plant risk factors:
1. On-Site Risk: Storms and Lightning Strikes; Icing, Blizzard and Flooding; Pollution; Sand Dust; Rock Rolling Down; Geological Landslides; Earthquakes; Flooding; Shadow Shading; Animal Bite Damage.
2. Technical risks: design defects; equipment failures; attenuation; aging; maintenance; repair; replacement; appearance; accessibility.
3, installation risk: material reception; material handling; orientation; fixed; connection; cable arrangement.
4, security risks: electric shock; arc; fire; static load; dynamic load; theft; man-made damage; operator safety.
5. Material risks: key materials; support materials; auxiliary materials; delayed delivery;
The following figure shows the PV plant risk factor assessment based on the frequency of accidents - German experience
property insurance
1, direct loss insurance
Property All Risks: Insure the direct property losses of photovoltaic power plants caused by natural disasters, accidents, etc.
2, indirect loss insurance
Operational Interruption and Surcharge Insurance: Underwriting of indirect losses caused by natural disasters, accidents, etc., resulting in the interruption of the operation of PV power plants, including the expected loss of power generation capacity and subsidies, and the increase in fixed costs.
3. Engineering delay insurance: Underwriting the indirect losses resulting from the delayed completion of the construction of photovoltaic power plants, including the increase of loan interest and fixed costs
Liability Insurance
1. Commercial Comprehensive Liability Insurance: Underwriting business liability risks other than employer responsibility and motor vehicle liability, including losses caused by liability risks such as location, operation, product and project completion.
2. Umbrella-type liability insurance: The over-indemnity policy for commercial comprehensive liability insurance provides high-level liability risk protection for photovoltaic power plants.
Quality Assurance Insurance
1. Photovoltaic module quality assurance insurance: It provides 25 years of maintenance and exchange guarantee for photovoltaic modules due to defects in materials and manufacturing processes.
2. Photovoltaic system guarantee insurance: provide ten years of maintenance and replacement guarantees for the defects of materials and manufacturing processes of photovoltaic systems (including inverters, combiner boxes, tracking systems, etc.).
Weather derivatives
Meteorological derivatives are financial instruments designed to hedge the power generated by the power generation system by the weather. Solar photovoltaic power station meteorological derivatives are hedged by abnormal changes in solar radiation.
The essence of meteorological derivatives of solar photovoltaic power plants is a bilateral or multilateral transaction agreement between the risk holder and the risk taker, that is, the risk taker compensates for the negative impact of specific weather events.
Meteorological derivatives are similar to insurance, but their pricing and trading are conducted in the financial market.
Weather derivatives are mainly used in the energy industry to hedge weather-related price risks. In the renewable energy industry, the application of meteorological derivatives is very limited. Most transactions take place in the field of wind power and hydropower, and there are fewer applications in the field of photovoltaics.
Other financial derivatives
1, catastrophe bonds
The insurance company transferred the catastrophe risk it did not want to transfer to the financial market by issuing catastrophe bonds. In the renewable energy industry, catastrophe bonds have not been issued.
2, self-protection company
The purpose of insurance companies owned or controlled by non-insurance companies is to provide insurance coverage for certain risks of the parent company. In 2010, US insurance broker Beecher Carlson tried to establish a self-insurance company for a photovoltaic power plant.
3, asset securitization
Photovoltaic power plant asset securitization is a financing method. Both S&P and Fitch believe that due to lack of historical data, asset securitization of photovoltaic power plants still faces many challenges.
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