LUXEMBOURG/DONGYING, China / FRANKFURT, Germany, April 28, 2010/PRNewswire-Asia/--CNPV Solar Power SA, a leading integrated manufacturer of solar photovoltaic products, today announced that it has developed a long-term performance warranty insurance product for PV Modules and installation. The product, that was developed with Willis, a global insurance broker, is aimed at operators of solar parks.
The two organizations joined forces to provide a new form of solar PV Module insurance and installation cover. As both companies are specialists in their own right, CNPV in high technology Solar Photovoltaic Ingot to Module Manufacturing, and Willis in market-leading commercial insurance solutions, they were ideally positioned to work together on the creation of this unique wide ranging solution.
CNPV offers a performance guarantee on the power output of its PV Module, and now under the terms of the new insurance product, the power output is not only guaranteed but is also insured for 25 years. The insurers will indemnify for any reduction in power loss from CNPV's warranted, 90% guaranteed energy output in the first 10 years and 80% in the following 15 years. Additionally the insurance also covers expenses that might arise during the recovery of the former energy output. PV module satisfaction is also tied to replacement in the event of manufacturing faults. CNPV guarantees their modules are defect-free as a result of manufacture for 10 years, and additional insurance is provided within the new product solution.
CNPV and Willis have created an additional benefit for solar system buyers by combining an "All-Risks" cover, together with this Guarantee Insurance. This additional insurance covers risks which might lead to the damage, destruction or loss of insured property due to for example operating errors, vandalism, theft or natural disasters. Furthermore it not only covers property damage but also resulting business interruption claims. The "All-Risks" cover is initiated by CNPV for one year, after which, Clients from CNPV can extend this one-year "All-Risks" cover for a competitive premium.
The benefits of the new product will be further enhanced by insurance that covers revenue losses (on the basis of a survey) that are not caused by willful intent or gross negligence. Consequently, this cover does not require property damage in comparison to the usual products.
Insurance risk experts from the insurers who are underwriting the program undertook several months of detailed examination of CNPV's high quality standards and manufacturing processes. The result is a winning combination for the end users, financiers, investors and project developers. The installed system is insured to provide the predicted financial returns of PV Modules performance, allowing greater business certainty and giving operators of solar power parks the opportunity to deploy CNPV modules to finance photovoltaic installations more easily and with increased flexibility.
COO, CTO & Board Member of CNPV, B. Veerraju Chaudary was clearly satisfied with this agreement: "For our clients, this insurance solution is a major stepping-stone in financing photovoltaic projects. It ultimately gives operators of solar parks additional economic security in the event of an unforeseen loss in performance of the PV Modules and installation."
"As a specialist in high risk reduction and provision of additional security for business and investors, we are delighted to have launched the evaluation and creation of this unique offering. It combines our areas of expertise as well as our corporate philosophy of providing peace of mind and financial security to this growing and important market. We are equally delighted to be involved in the shaping of the support structure that is offered by CNPV to the satisfaction of their clients," enthused Mathias Pahl, CEO of Willis Germany.
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Photovoltaic Power Company Limited, is a leading integrated manufacturer of solar photovoltaic products. From the production of ingots, wafers and cells to the assembly of PV modules, CNPV designs, manufactures and supplies highly efficient and cost effective crystalline solar photovoltaic modules. Reliability & longevity are built into our world-class crystalline solar photovoltaic modules, which undergo rigorous internal tests and external certifications (IEC61215, IEC61730, UL, and CE) to ensure peak performance and safety. For further information, please visit CNPV's website at http://www.cnpv-power.com
Willis Group Holdings is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of CNPV. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
For more information, please contact:
B. Veerraju Chaudary,
COO, CTO & Member of the Board
CNPV Solar Power SA
Direct Land Line: +86-546-7795053
Head of Marine DepartmentGermany
Willis GmbH & Co. KG
Solmsstrasse 71-75, 60486 Frankfurt Main, Germany
SOURCE: CNPV Solar Power SA; Willis GmbH & Co. KG