Saatvik Solar today announced that Saatvik’s PV modules are now insured by Munich Re.
The insurance was received after thorough risk assessment tests of the production lines, financial strength, environmental, safety and labour conditions.
The insurance solution covers the performance warranty of Saatvik Solar modules for a period of 25 years. The warranty guarantees that the modules will perform to at least 90 percent capacity in the first 10 years and to at least 80 percent in the remaining 15 years.
And ultimately it gives developers of solar power projects additional economic security in the event of an unforeseen loss in the performance of the modules. This new insurance solution is a major stepping-stone in financing photovoltaic projects as it provides additional financial security.
Mr. Prashant Mathur – Chief Executive Officer (CEO) – Saatvik Solar said about “the cooperation with Munich Re does fully demonstrate that products, technology and service quality of Saatvik have been convincingly recognized and accepted. Meanwhile, the backup by Munich Re will also ensure customers about product quality and efficiency attenuation, thus providing better risk management and control tools for owners and investors.”
About Saatvik Green Energy P Ltd
Saatvik Solar got established in 2016 and became one of the leading Indian PV Module Manufacturers with 500 MW annual capacity in Ambala, Haryana and expanding up to 2 GW by 2022.
In terms of the Product roadmap, Saatvik offers Poly Modules /MONOPERC module /Half cut MBB -530 Wp and above Modules with M10 Cell technology.
About Munich Re
As pioneers in risk assessment & take care of risks while you take care of business.
Munich Re offers you a flexible and reliable PV Warranty Insurance safeguarding the stable performance of solar assets for up to 25 years.
As per the PV market over the last 25 years, approximately every fourth manufacturer of solar panels went bankrupt or was taken over – and with them, went the warranties. This market volatility led to investors and park owners bearing the full risk of the panel performance and endangered the overall long-term profitability of their solar investment.
For manufacturers to remain competitive for their clients in this landscape, reliability is essential for the growth of their business on a global scale. Delivering premium quality and state-of-the-art technology that safeguards their customers long into the future is essential.