Specialist renewable energy insurer GCube has significantly expanded its portfolio of underwritten Irish wind energy assets, now surpassing 1GW of operational wind farms and construction sites throughout Ireland.
Ireland is one of the most successful markets worldwide for wind energy use, with just under a quarter of total electricity demand met by wind in 2015.
Current installed capacity stands at 2.4GW, and continued investment to 2020 and beyond will see this figure rise further in the coming years,
Despite this growth an uncertain political landscape in the run up to and following the recent General Election, combined with rising community opposition to onshore projects, means that there can be no complacency amongst Irish developers and operators and has encouraged key players within the industry to explore alternative opportunities.
Specifically, recent moves to start taking advantage of offshore wind potential in the Irish Sea have attracted the attentions of the finance and investment community, while Irish-parented developers continue to make headway in emerging markets overseas, including Latin America and Africa.
GCube has provided insurance services to developers, operators and investors on over 40 domestic Irish wind farms over the past 20 years.
Phil Pavey, senior underwriter, GCube, said: “Irish wind energy is a success story – not just because of its achievements within the competitive domestic electricity market, but also as a result of a capacity to export its experience and lessons learnt internationally.”
He continued: “In doing so, however, the industry inevitably becomes exposed to new risks. As Irish wind proliferates around the globe, safeguarding its reputation as a bankable, investment-grade asset at home and abroad with market-specific insurance support will be a key part of cementing this growth.”