Munich Re, GCube and Marsh provide risk transfer solution for large-scale solar power plant in Morocco
Munich Re and GCube have been appointed by Saudi Arabian power company ACWA Power to deliver specialist insurance and risk management services for Noor 1, its 160 MWe concentrated solar power (CSP) project in the city of Ouarzazate, Morocco.
Munich. The project Noor 1 represents the largest CSP project outside of North America. Comprising a solar field, a power block and a thermal energy storage system, it will generate 160 MWe of electricity with up to three hours of storage. The location is ideal due to its high solar radiation and the already existing infrastructure of a mid-size city. The parabolic trough CSP plant called Noor 1 will form the first part of a broader solar power complex with total capacity of 500 MW.
Munich Re and GCube are jointly leading the Marsh-designed integrated policy, which not only covers a 28-month construction period but also 12 months of commercial operation after completion. The start of commercial operation is scheduled for the end of 2015. Together, Munich Re and GCube, which is a specialist in the insurance of renewable energy, will provide 50% of the risk capacity.
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