IRVINE, Calif. /California Newswire/ — PowerGuard Specialty Insurance Services announces that leading global provider of solar energy services, SunEdison, a client of retail insurance broker Lockton Companies, has joined the growing number of solar energy providers to adopt PowerGuard's unique PowerClip extended warranty protection.
SunEdison develops, finances, operates and monitors solar energy solutions worldwide, ranging from some of the world's largest solar deployments to residential customers' rooftops. SunEdison is a subsidiary of MEMC Electronic Materials (NYSE:WFR), a global leader in polysilicon and silicon wafer manufacturing, the foundation upon which most solar cells and semiconductor devices are built.
According to Kurt R. Bruenning, Treasurer of MEMC Electronic Materials, "We were impressed with the many unique features and valuable business benefits of the PowerGuard Solution. It was clearly developed by people who understand the nature of our business and anticipate the challenges an emerging industry and new technology face. Their people have proven to be outstanding partners to Gary Giulietti and our Lockton retail team throughout the entire underwriting and coverage placement process."
A specialty renewable energy Program Manager based in the United States, PowerGuard provides an innovative 25-year, non-cancellable quality and performance guarantee solution to back-up a manufacturer's own warranty terms.
Mike McMullen, managing principal of PowerGuard, says, "PowerGuard is proud that our innovative risk-transfer product is quickly gaining momentum with leading solar energy providers around the world like SunEdison and MEMC. We are committed to continuing to support the expansion and success of the global renewable energy industry with unique, leading-edge products and services."
Guaranteeing warranty terms through the use of insurance provides the certainty manufacturers and their customers desire, as well as long-term stability for the industry.
"The PowerGuard solution is an important way for solar energy providers to gain a greater degree of business certainty and it allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility," states Gary Giulietti, president of Lockton Companies' Farmington, CT operations. "We are very excited to partner with Mike and the PowerGuard team in delivering this innovative and valuable warranty product to our client, SunEdison."
PowerGuard's warranty solution, which is available directly from PowerGuard or through various retail brokers, provides certainty and security to the solar manufacturer's end customers. Its warranty terms are non-cancellable, surviving even insolvency and bankruptcy. Third-party rights to the policy, in case the original solar manufacturer goes out of business are also offered, and are backed by the capital strength of the insurance market.
PowerGuard Specialty Insurance Services
MEMC Electronic Materials, Inc.
Kurt R. Bruenning
About PowerGuard Specialty Insurance Services:
PowerGuard manages programs specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufactures, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's PowerWrap Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the performance of the entire solar energy system – written on investment grade paper with an insurance company holding an AA- rating from Standard & Poor's. More information: www.powerguardins.com .
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. More information: http://www.sunedison.com/wps/portal/memc/aboutus/ .
More than 4,100 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, surety and risk management services, offering an uncommon level of client service. Since its founding in Kansas City in 1966, Lockton has grown to become the 9th largest insurance broker in the world. It is the world's largest privately held insurance broker. More information: www.lockton.com .
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