Renewable energy insurer GCube Underwriting has teamed up with reinsurer Trust Re to offer a new underwriting facility for Middle Eastern clean energy markets.
The partners, together with two regional backers, have developed an additional $95m of underwriting capacity for new wind and solar projects in the region.
The facility will be deployed to manage project risks during construction and operations, GCube said.
The first development to be completed under the new facility is a project forming part of the 1.8GW Ben Ban solar scheme in Aswan.
GCube underwriter Rosa van Reyk said: “The Middle Eastern solar markets are showing significant potential, with a large pipeline of projects across the region.
“We see a strong opportunity to support the growth of clean energy in the region by providing a range of different underwriting services, with products that we’ve specifically developed from our experience of supporting the sector in emerging markets.”
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GCube offers Middle East cover
Link up with Trust Re to provide underwriting to clean power projects in region
By EBS