kWh Analytics, which supports insurance for the climate, has received $20m in funding to support its expansion efforts.
The capital will help the company is looking to develop new tools to support its solar, wind and storage asset owners and investors.
Funds will also be used to reach new international markets and revolutionise underwriting and pricing within the renewable energy insurance space by leveraging world data.
kWh Analytics claims that while most insurance companies are addressing environmental, social and governance (ESG) issues by divesting from fossil fuels, kWh Analytics has taken a proactive approach by developing data-driven insurance specifically for zero-carbon assets.
The company’s database coves renewable energy project performance for over 300,000 operating assets to underwrite insurance policies for renewable energy.
Its flagship product Solar Revenue Put protects more than $3bn of solar plants, while giving a “best-in-class” loss ratio.
The company has also announced the launch of its Property Product, which provides all-risk coverage against physical damage for solar, storage and wind projects.
kWh Analytics CEO Richard Matsui said, “The most recent 2021 Intergovernmental Panel on Climate Change (IPCC) report was clear: it’s a ‘code red’ for humanity.
“The world needs more renewable energy to mitigate climate change, and insurance is key to ensuring these projects get built. This new category of ‘Climate Insurance’ is a massive, once-in-a-generation market opportunity; kWh Analytics is proud to be a market leader in this space.”
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