Climate insurance provider Descartes Underwriting has partnered with Nextpower to integrate its data-driven insurance solutions, aiming to safeguard solar power plants. The coverage is based on wind condition data collected from project sites and addresses the growing risk of "straight-line winds.".

Descartes' climate scientists and natural risk modeling specialists utilize real-time wind speed data captured by Nextpower's comprehensive weather stations. By integrating parameter triggers with field measurement data, this solution aims to mitigate risks and assist in reflecting on-site wind conditions. Descartes stated that, in addition to physical repairs, the insurance coverage is designed to help operators manage broader financial pressures, including PPA obligations, debt repayment, and tax base stabilization.

Descartes provided up to $100 million in project insurance for the U.S. wind energy initiative. Eligible Nextpower clients can access this coverage through commercial (re)insurance brokers.

"As the global solar photovoltaic market accelerates, it is projected to reach a valuation of $700 billion by 2035, with developers increasingly constructing projects in regions prone to severe convective storms and extreme weather," said Daniel Vetter, head of Descartes Americas. "By combining our advanced parametric modeling capabilities with Nextpower's field wind data, we are delivering unprecedented coverage accuracy and response speed in the industry. This partnership reflects our commitment to supporting the resilience of critical renewable energy infrastructure in the global energy transition economy."