GCube, a provider of insurance services for renewable energy projects, has signed a contract with Xcel Energy for the 200 MW Courtenay wind energy project, located near Jamestown, N.D.
Under the terms of the agreement, GCube will provide insurance for all construction risks. With construction of the project due for completion before the end of 2016, the wind farm will comprise 100 Vestas V100-2.0 MW turbines.
The Courtenay project was originally developed by Minnesota-based Geronimo Energy before being purchased by Xcel Energy earlier this year.
"Onshore wind remains an attractive prospect throughout the United States for utilities looking to diversify portfolios and bring online additional renewable energy capacity to meet state requirements," explains Jeff Richards, senior vice president for GCube Insurance. "Our role is to protect that investment by supporting project developers as they negotiate the combination of technical and logistical risks involved in building a pipeline of sites.
"We were able to demonstrate to Xcel Energy that we could protect their assets more competitively through our specialist renewable offering and look forward to working with the business throughout the construction phase of this important project," Richards continues.