Renewable energy insurance services provider GCube says it has added $100 million in underwriting capacity to its existing offshore renewable energy projects.
With significant growth in the offshore renewable energy sector, particularly in Europe and potentially the U.S., GCube says there is a market need for insurance capacity that supports the increasing size and global proliferation of offshore wind developments.
GCube has secured the additional financial-sector support despite a difficult market – once again highlighting the confidence in the business from its capital providers.
"Whilst more expensive than its onshore counterpart, offshore wind is politically beneficial and offers the potential for a much larger market," said Fraser McLachlan, GCube's CEO, in a statement. "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."
