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Vikram Solar is the only Indian solar manufacturer to have attained Solarif insurance certification.
The certificate was received after thorough risk-assessment tests of the production lines, financial strength, environmental and labor conditions of the company.
Only three Tier 1 companies in the world have Solarif certification.
In order to identify, minimize and or eliminate the risks of the materials used within photovoltaic installations, and consequently invest in solar to generate expected financial returns, Solarif Risk Management has developed a unique solution in the form of a panel certification program. This in-house solution helps substantially reduce the risks of operational discontinuity of solar installations through quality inspections at factory or batch level.
The quality label, being Solarif-certified, applies as a condition for the inherent defect cover to be offered against a low fixed premium rate.
The primary benefits of Solarif certification for customers are a lower insurance premium to be paid for certified panels – the premium rates will be much lower due to the inline quality inspection of the panels; protection against inherent defects in modules with coverage including €2.5-20 million and material damage and loss of income combined per event; insurance-backed warranties in case of module manufacturer insolvency – the certification protects panels up to 20 years; and performance insurance –Solarif conducts technical/quality risk assessment to assure module performance.
Ravindra Anil Vaidya, VP for global markets at Vikram Solar, said: “Receiving this certification is another step towards upholding the commitment of quality and performance that we bring to the table.
“The certification process involved rigorous tests, thus securing our client’s investment to generate expected financial returns.
“In a nutshell, this certification clearly testifies the bankability of Vikram Solar modules. Additionally, being the only Solarif-certified Indian manufacturer sets us apart from our competitors.
“With the rapid fall in solar PV prices globally, we felt that it is important for our clients to have assurance on quality and performance. This certification attests that.”