New Energy Risk (NER) and Ascend Analytics have unveiled a groundbreaking energy storage insurance policy, marking a pivotal moment in advancing renewable energy infrastructure.
Innovative Insurance for Energy Storage Facilities
The insurance policy, a collaborative effort between NER and Ascend Analytics, secures the performance of Ascend’s battery storage forecasting and bidding optimization platform. This revolutionary solution provides coverage for a portfolio of grid-scale energy storage facilities within Texas’s ERCOT power market.
Enhancing Financing and Performance Assurance
NER, a leading insurance agency specializing in energy transition technologies, bridges the gap between innovators, customers, and lenders. The policy, a first of its kind, ensures the performance of Ascend’s forecasting and SmartBidder™ technology stack over a multi-year term. This not only guarantees minimum revenues but also allows projects to benefit from high-volatility events in ERCOT.
A Catalyst for Energy Transition
Ascend Analytics, known for energy market valuation and dispatch optimization, plays a key role in advancing this initiative. The policy empowers developers to confidently invest in merchant storage operations, offering a revenue floor while preserving the potential for significant returns during extreme events.
Industry Impact and Future Prospects
The introduction of this energy storage insurance solution is a crucial step in addressing revenue risks associated with energy storage projects. It facilitates the deployment of capital, supports asset financing, and contributes to the transition to reliable clean energy in Texas.
This collaborative effort between NER and Ascend Analytics sets a new standard in the renewable energy sector, showcasing the potential of innovative insurance solutions in advancing energy storage capabilities.
Source：businesswire.com
