The company has appointed Marsh’s Renewable Energy and Power Practice as the insurance adviser and placement broker.
Munich Re and GCube are leading the Marsh-designed integrated policy, which covers a 28-month construction period and one year after completion (operational phase). Together the companies provide 50% of the risk capacity.
Located in the city of Ouarzazate, the parabolic trough project features a solar field, a power block and a thermal energy storage system and generates up to 160MWe of electricity with up to three hours of storage.
The plant, which will form the first part of a 500MW solar power complex, is expected to start commercial operation by the end of 2015.
Munich Re senior underwriter Manuel Pape said the realization of the plant is a key step towards a sustainable energy production from renewable sources in the MENA region.
"Together with our strategic partner GCube, MunichRe not only provides a major share of insurance capacity but also technical risk management services during the construction and operational phase," Pape added.
