GCube, a provider of insurance services for the renewable energy industry, says it has increased its underwriting line size by an additional $50 million for offshore renewable energy projects, bringing the total available capacity for a single project to $100 million.
The company notes that with the significant growth in the offshore wind energy sector in Europe, and potentially in the U.S. and Southeast Asia in the near future, there is a market need for insurance capacity that supports the increasing size and global proliferation of offshore wind developments.
‘While more expensive than its onshore counterpart, offshore wind is politically beneficial and offers the potential for a much larger market,’ says Fraser McLachlan, GCube's CEO. ‘Part of its substantial cost base is due to the technical challenges of installation and maintenance. Working directly with new capital, we are now able to offer underwriting capacity that will support the most ambitious offshore developments worldwide.’