Holmes Murphy's renewable energy division has developed an insurance-backed extended warranty solution that gives financial institutions, equity partners and purchasers new opportunities for their grey market wind turbines.
The new initiative gives those who have invested in a wind farm the opportunity to sell the wind turbines at a fair price or refinance them to enable a stalled project to get up and going again.
The extended warranty is designed to take effect after expiration of the manufacturer's two- or five-year original equipment warranty and is available for up to 10 years after the equipment is commissioned. The warranty includes parts availability, direct and indirect labor costs, liquidated damages and serial loss.
SOURCE: Holmes Murphy