+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
Loading...
{megaLeaderboard}
{normalLeaderboard}
News Article

Suntech Partners with Munich Re and Ping An to Insure Its Warranties


Wuxi Suntech has announced it is adding another measure of protection for customer warranties: Its modules' performance will be insured by Chinese-based insurance company Ping An and reinsured by the leading risk carrier, Munich Re. This new insurance policy provides 25 years' warranty protection for Suntech in the event of a significant decrease of performance for modules -- a move expected to help expand sales by providing Suntech's customers with reassurance in the performance quality of their products.

"We have great confidence that our products are of the highest quality and are built to last," said Suntech CEO Eric Luo. "But to ensure our customers feel fully protected, our new insurance policy with Ping An and reinsurance by Munich Re will allow us to continue to honour our products' performance warranties, while still maintaining our strong financial balance sheet."

Suntech recently announced that its polycrystalline silicon modules ranked above industry standards in a technical review conducted by UK-based consultancy OST Energy. The announcement followed Suntech's modules receiving the VDE-Quality Tested certification, which recognizes products with a level of quality control that goes beyond existing standards in the photovoltaic industry.

"Thanks to the cooperation with our partner Ping An, we are able to provide an innovative performance warranty insurance solution for Suntech's modules that are fundamental to the sustainable success in the solar industry," said August Proebstl, Head of Corporate Insurance Partner at Munich Re. "It sets industry standards by being the first significant deal when it comes to volume insured and indemnity offered to a manufacturer domiciled in the People's Republic of China."

"We are excited to work with Munich Re under our Co-operation Agreement in the renewable energy sectors to support Suntech as it emerges with a new business strategy and grows in new verticals globally," said Mr. Xin Wang, General Manager of Property & Casualty at Ping An. "Our role is to promote and protect the development of Chinese PV companies and we are proud to offer reliable long term insurance coverage capacity to Suntech now and for many years to come."

Recently acquired by Hong Kong-based Shunfeng Photovoltaics Ltd., Suntech now has the strongest financial footing in the solar industry with nearly zero debt allowing the company to invest in growing the business through partnerships and expansion of its sales, marketing and services teams. Suntech will provide one-stop access to the Shunfeng family of companies including capabilities in design, engineering, manufacturing, construction, finance, insurance, operation and maintenance, energy storage, solar products and applications.

"With the backing of Shunfeng, we are in an even better financial position to continue to provide our customers with the highest quality products," said Luo. "We value the relationship we have with our customers. More than 30 million Suntech panels can be found in more than 80 countries, all of which will continue to enjoy the warranties documented in Suntech's original sales agreement. That's a commitment we publicly made shortly after our restructuring."

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: