The Chinese major photovoltaic manufacturer, Talesun Solar Technologies, hereinafter refer to as Talesun, recently officially announced that Munich Re will provide reinsurance service for the insurance of its PV module products, including 12 years of products quality guarantee, 25 years of regular PV module and 30 years of double-glass module in efficiency guarantee.
This credit endorsement not only protects the financial risks of PV modules when recalls happen, but also effectively improves the bankability of Talesun’s products and enhances Talesun’s competitiveness.
Munich Re is one of the leading reinsurance companies in the world. It obtains a global service map that covers over 150 countries. The company has strict factory inspection standards and takes quality as the core requirement of reinsurance.
In order to qualify for reinsurance, a series of strict assessment and inspection have to be made and passed by the insured company, such as technical risk assessment of PV module, the assessment of factory quality management system, the production processing assessment, and audit of raw material checklist and etc.
Furthermore, for example Munich Re will take the ICE test with three times of normal period. With these critical measures, and also stable finance status of Munich Re itself, the reinsurance from Munich Re guarantees the bankability and profitability of solar PV projects and thus is widely accepted by banks all over the world.
The head of Green Tech Solutions of Munich Re, Michael Schrempp expressed: “We see Talesun is an enterprise pursuing high quality, sincere service to customers, and takes product quality as core competitiveness, and that’s why we appreciate to work and cooperate with Talesun in the reinsurance business.”
Wang Weifeng, Chairman of Talesun, said about “the cooperation with Munich Re”, “does fully demonstrate that products, technology and service quality of Talesun have been authoritative recognized and accepted. Meanwhile, the back by Munich Re has also well relieved customers of worries about product quality and efficiency attenuation, thus providing better risk management and control tools for owners and investors.” He also stressed: “In the future, Talesun will continue to strengthen the cooperation with Munich Re. And the company will, as always, adhere to the requirements for product quality and continue to provide customers with high-quality PV module products and a full range of efficient and professional customer services.”