Renewable energy underwriter GCube Insurance Services (GCube) says it now provides coverage for more than 4 GW of Canadian wind assets; that’s 33% of all wind energy in Canada, according to the company.
GCube expects this figure to increase in the coming months, considering the strong construction pipeline for new wind infrastructure in the country.
At just under 12 GW, wind energy currently provides approximately 5% of Canada’s electricity demands, says GCube, adding that the country has a long-term aim to reach a capacity of 55 GW by 2025 – accounting for 20% of its total energy needs.
“We’re delighted to have reached this considerable milestone in underwriting a third of Canada’s wind market,” said Jatin Sharma, head of business development at GCube. “Despite the challenges it’s faced, we’re confident that the Canadian market’s goals are achievable and that we will continue to see further growth in the sector.”