Descartes Underwriting has introduced a parametric product for solar power plants based on wind data from meteorological stations owned by green tech group Nextpower. 

The product protects against losses from straight-line wind. 

Descartes head of Americas Daniel Vetter says solar developers are increasingly building in regions where severe convective storms are frequent and intense.  

“By combining our advanced parametric modeling capabilities with Nextpower’s on-site wind data, we are delivering a level of coverage precision and responsiveness that the industry has not previously had access to,” he said. 

The product provides up to $US80 million ($122 million) limits per policy. 

It can be bundled with Descartes’ satellite-based tornado and radar-based hail products for comprehensive protection against severe convective storms. 

Solar technology provider Nextpower’s VP Andrew Griffiths says power plant operators need faster, more precise ways to protect projects. 

“We are helping customers reduce uncertainty after straight-line wind events, access liquidity and accelerate the path to recovery.” 

The cover is available through commercial insurance brokers for eligible Nextpower customers worldwide.