Astronergy Crystalline PV Solar Modules to be Covered by Munich Re
On May 27, 2010, Astronergy (also known as Chint Solar) announced that Munich Re, one of the world’s leading reinsurance companies, will be covering Astronergy’s crystalline silicon PV modules, a guarantee that holds PV panels to high performance standards for the power output warranty period.
The agreement covers the length of the 25-year warranty on the solar panels, guaranteeing a rated power output of greater than 90% for the first 10 years, and a rated power output of greater than 80% for the remaining 15 years. Additional efficiency losses qualify for compensation.
With quality ranking high on the list of concerns in a market with strong demand and a countless number of suppliers, this arrangement represents a significant level of confidence in Astronergy solar modules, setting the enterprise apart in a rapidly growing market.
“We are pleased to have Astronergy as one of our new clients. The coverage is an additional element in Astronergy’s risk management and thus enhances Astronergy’s position in a highly competitive marketplace. We see this also as a positive step for the solar industry in the establishment of long term security for banks and investors,” said Jan Napiórkowski, Risk Analyst at Munich Re responsible for Asian renewable energy markets.
Astronergy’s CEO, Dr. Liyou Yang, commented, “Our cooperation with Munich Re will no doubt be a step in the right direction for Astronergy, as we build stronger relationships with our customers through value added on our products.”
Founded in 2006, Astronergy is a trusted provider of monocrystalline and polycrystalline PV modules. It is also the first Chinese company, and one of the first companies worldwide, to bring mass production of a-Si/µc-Si thin film to the market. Astronergy has one of the most complete PV product lines in mainland China.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2009, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €2.56bn on premium income of around €41bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €25bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €182bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.