Your partner for renewable energy projects

Renewable energy is the fastest growing source ofelectricity generation. By 2022, its global share is set
to reach around 30%.
Swiss Re Corporate Solutions has a range of insurance
solutions available to manage the risks confronting
your renewable energy projects ‒ whether it’s for wind,solar, hydro, biomass, geothermal or battery projects.
We tailor our solutions to meet your specific needs andmake sure they give you seemless protection acrossthe entire lifecycle of your renewable energy projects.
This holistic approach is what sets us apart from ourcompetition.
Leveraging Swiss Re’s 150 year heritage, Swiss Re
Corporate Solutions is committed to helping you stay
prepared for tomorrow’s challenges, today.

Insurance
coversand their timing during the typicalBundled
lifecycle/ofa renewableenergy project
Cross-selling
products
modularproducts

Engineering
Construction

Property
Damage/Business
Interruption

LiabilityAdverse
WeatherBank, Trade& Infrastructure

Political Risks

SuretyProject Financing

Construction

Operation

What makes us a strong partner for you is whatsets us apart from our competition.

Unique insurance innovations
We have a strong track record ofdelivering innovative solutions, fromparametric covers and weather
derivatives to bank trade and project
finance offerings. Our solutions range
from traditional commercial insurance
products to highly customised risk
transfer solutions.
One solution for multiple risks
We deliver one modular solution with all
the key building blocks that provide you
protection across the entire project life
cycle, from construction to operation.

Global reach
We operate from over 40 offices
in key insurance markets worldwide,
providing clients with access to ourglobal network and products via
local teams.
Claims commitment
We are committed to expediting yourclaims, so that you can focus on running
your business and don’t face any
potential cash flow volatility. Your claim
will be handled quickly, fairly and withgreat care.
Financial strength
Our strong financial ratings include“AA-” by Standard & Poor’s, “Aa3” by
Moody’s and “A+” by A.M. Best toyour needs.

Risk management
We support your business with ourteam of highly experienced riskengineers, and we do so at every
stage of your project lifecycle.
One contact point
As your insurance partner throughout
your project’s lifecycle, we will appoint
one contact person to handle all yourinsurance needs, including settlementsof claims.

Rich heritage
We are a full-service commercial
insurance provider, leveraging 150 yearsof experience and the vast resources of
the Swiss Re Group.

Combined underwriting expertiseYour point of contact will bring together
a specialised underwriter for each line ofbusiness to design your coverage. As aresult you will receive an insurance
solution with exceptional service.

We’re proud to serve clients from across the renewable energy industry.

Project owners
and developers2Manufacturers

Financiers

Swiss Re Corporate Solutions Your partner for renewable energy projects

Utilities

Contractors

Brokers

When matters get more complicated we can offer bespoke
innovative risk solutions to meet your specific project needs.
We have the ability to offer cover — in indemnification or derivative form — forlosses resulting from a combination of adverse weather periods and energy
price developments. The structure of our solutions is flexible so that they canbe designed to meet the specific needs of your project. Delay in start-up (DSU)
is a case in point: We can structure DSU with single payout features. This is particularly helpful in the renewable energy space, where subsidies are common
and payouts mostly binary dependent on a certain date of first operation.

Illustrative example of an
Innovative Risk Solution:

A case of insuring subsidies
Background
What risk was the client concerned about?
A European food processing company
is constructing a renewable energy project thatis eligible for government subsidies on condition
that the project is operational by a specific date.
The lenders of the project requested insurance
coverage to protect against the potential loss ofthe subsidies due to delays.

Innovation
What innovative solution did we develop?
The traditional Delay-In-Startup (DSU) insurance
cover does not cater for loss of subsidies.
In addition, typical DSU coverage is basedon indemnification for actual lost income or
cost, and not on pre-agreed fixed amounts(i.e. subsidies). A parametric solution wasin this case suitable as it could betailored to the particularities of the risk
scenarios and its potential onsequences
andestablish transaction efficiency
Swiss Re Corporate Solutions developed aparametric insurance with a single date trigger
and paying a fixed amount, which is based on
the net present value of the expected subsidy
values. In addition to the traditional CAR/EAR
insurance coverage, the solution covers the lossof the subsidy in case of an indemnifiable delay.
The indemnifiable dely is based on a physicaldamage trigger which results in the deadline
being missed.

Swiss Re Corporate Solutions Your partner for renewable energy projects 3

We have a track record of insuring pioneering renewable energy projects
around the world.
Success story 1

The world’s first commercialscale floating offshore windfarm in Scotland

The spar buoys used in the constructionof this wind farm off the coast of Scotland
were assembled in a Norwegian fjord
from components shipped from northern
Spain. And the turbines were lifted into
position using one of the world’s largest
floating cranes. These activities wereabove and beyond anything that had everbeen attempted in this field before.
̤̤ We managed to craft a “sleep easy”
construction insurance solution thatcovered all aspects of the project:design, fabrication, installation,testing and commissioning.
̤̤ By “thinking outside the box” wereimagined the turbines as scaleddown versions of the spar buoy
platforms commonly used in theoil industry.
̤̤ This allowed us to reach a far higher
level of comfort with the project’s
associated risk, which was reflectedin an increased risk appetite and ourability to provide a complete risk
transfer solution.

“sleep easy” thinking out higher level
construction of the boxof comfort
covered design, fabrication, installation, testing
and commissioning

4

created scaled down
increased risk appetite
versions of the spar buoy and ability to provide aplatforms
complete risk transfersolutionSwiss Re Corporate Solutions Your partner for renewable energy projects

Success story 2

The first offshore wind farm in
the Americas for a US client

Most of the equipment used in theconstruction of this US offshore windfarm,from wind turbine generators and cables,
were manufactured in Europe and Asia.
This required long marine cargo voyages
that created an added risk. What complicated matters even more was the factthat we were introducing a new cover tothe Americas market for the first time incompliance with all local regulatory
requirements.
̤̤ We worked very closely with theclient’s project team by sharing lessons
learned from our previous projects in
Europe and our expertise in managing
critical risks.
̤̤ We developed a policy that wasdesigned specifically for the Americas
market, seamlessly covering theconstruction and initial operational
phase of the project.

+WorkedcloselyDevelopeda policywith the client’s project
team by sharing lessons
learned from ourprevious projectsin Europe

designed specifically for theAmericas market

Uniqueadd-oninsurance̤̤ We also offered protection to theclient’s balance sheet by providing
a unique add-on insurance cover toeliminate the potential recapture ofinvestment tax credits – an insurance
cover that did not exist in the market
previously.

eliminated the potential
recapture of investment
tax credits

Swiss Re Corporate Solutions Your partner for renewable energy projects 5

Success story 3

One-stop-shop for a solar andwind power producer in Mexico

Our client was a renewable energy
producer with a broad-based portfolioof solar and wind power projects inMexico. We delivered one seamlessinsurance solution for three separate
solar and wind energy installations,covering a full range of construction,
marine, operational and liability risks ‒all in one go.
̤̤ We fulfilled the client’s need for
insurance coverage with a bundled
solution to protect against a wide
range of risks across three separate
projects.
̤̤ We delivered this solution in aquick and timely manner, with fast
turnarounds and an aligned share
across all lines.
̤̤ We offered our client an easy “onestop shop” – meaing one contact
person, one solution and one single
policy wording for multiple lines ofbusiness.

One bundled
solution
one single policy wording
covered three separate
projects and full rangeof risks

6Reliableand fastdelivery

Flexiblearrangement

one contact person ensured quick turnarounds
and timely delivery

solution adapted
to client needs
and responded
to multiple lender
requirements

Swiss Re Corporate Solutions Your partner for renewable energy projects

̤̤ In the words of our broker-partner:“Swiss Re Corporate Solutions were
responsive to our requests andflexible with handling multiple lender
requirements. They demonstrated
their commitment to providing
competitive terms, pricing anddeductible options.”

Success story 4

Tailored solution for a hydro power
producer in Chile

Our client was a multinational renewableenergy producer with an expanding
portfolio of hydro and wind power
projects in Chile. We delivered insurance
cover for the client’s existing portfolio,
which included three large-scalehydropower installations, andestablished a collaboration for further
renewable energy projects.
̤̤ We worked closely with the client andpartner broker to come up with an
ideal solution that would adequately
meet our client’s needs andseamlessly cover all risks.
̤̤ The client benefited from our risk
knowledge and as a result madecritical investments in key protection
systems and maintenance protocols.
̤̤ Through our close collaboration,
we were able to deepen ourunderstanding of the client’s needs
and intensify our partnership witha view to supporting additional
renewable energy projects inthe pipeline.

Close
Knowledge
collaboration sharing
with the client and partner broker ensured theideal solution

allowed the client
to identify and makecost-effective investments in risk protection
measures

Value added
to newprojects
by deepening ourpartnership andextending our insights
to other projects inthe pipeline

Swiss Re Corporate Solutions Your partner for renewable energy projects 7Success story 5One Construction solution for an
onshore windfarm in Mongolia

For one of our largest clients, a multinational electric utility company, weprovided single-limit Delay in Start-Up(DSU) protection for the construction
and operation of a 55MW windfarm inMongolia. This is how we managed tocover multiple insurance needs acrossthe full project lifecycle in the mostefficient way possible.
̤̤ We provided a single holistic solutionthat comprised policy sections acrosseight different lines of business,
including Construction and Marine
DSU, Assessment of Erection Risk,
Operational Property Damage andBusiness Interruption, and Third Partyand General Liability.
̤̤ Our integrated policy and combined
DSU cover reduces the gaps andoverlaps of a traditional solution andat the same time eliminates the riskof ambiguity and claim disputes in thecase of a delay.

One seamless Pricesolutioncertainty

One stopshop

reduced the risk ofgaps in cover andeliminated ambiguity
and claim disputes
in case of a delaya single point of contact looked after all
insurance needs during the entire project
cycle, offering ease,efficiency and reliability for our client8

was guaranteedduring the entire
project lifecyclefrom design throughto the first phases ofoperation

Swiss Re Corporate Solutions Your partner for renewable energy projects

̤̤ Our solution gives price certainty
for the life-cycle of a project fromthe design phase right into the initial
years of commercial operations.
̤̤ We provided our client with a “onestop shop” and single point of contact
for all insurance needs throughout thewhole project cycle.

Success story 6

First and biggest wind risk hedge inthe market for a renewable energy
producer in Australia

̤̤ We partnered with an Australianrenewable energy producer to pioneer
the largest wind hedge ever done fora portfolio of windfarms. The hedge
covers locations across South Australia,
New South Wales and Western
Australia for an excess of 500
megawatts of capacity.
̤̤ The hedge reduces basis risk as it isbased on actual energy production
across multiple sites, as opposed to
traditional wind protection solutions,which are tied to single-site modelledwind speed indices.
̤̤ This insurance product pays our clienta fixed amount per megawatt-hour for
power not generated due to low wind.

Pioneered Reducedlargestbasis riskhedge reduces
wind hedge thebasis risk as it isever done for a
portfolio ofwindfarms

based on actualenergy production
across multiple sites

Increasedcash flow

Swiss Re Corporate Solutions is the
only insurer to offer an insurance productwhich settles based on actual windproduction. Environmental Finance,
a leading publication focusing onsustainable investment, awarded
Corporate Solutions with the Weather
Risk Deal of the Year 2016 for its wind
hedge in Australia.

means helping toavoid earnings
volatility

Swiss Re Corporate Solutions Your partner for renewable energy projects 9Swiss Re Corporate Solutions Ltd.
Mythenquai 50/60
P.O. Box
8022 Zurich
Switzerland
Telephone +41 43 285 2121
Fax +41 43 285 2999
https://corporatesolutions.swissre.com/

Key contacts
EMEA
Claudine Delavy
Head Distribution EMEA
T. +41 43 285 29 92
Claudine_Delavy@swissre.com
Marc Germeau
Key Account Management Lead EMEA
T. +41 43 285 32 20
Marc_Germeau@swissre.com
Asia Pacific
Lorenz Insam
Head Broker Management Asia
T. +65 6428 1805
Lorenz_Insam@swissre.com
Devpriya Misra
Global Customer Experience Leader
T. +65 6428 1829
Devpriya_Misra@swissre.com
North America
Daniel Combes
Head Distribution Management North America
T. +1 212 317 5426
Daniel_Combes@swissre.com
Allen Kwan
Head Customer Management North America
T. +1 415 834 2228
Allen_Kwan@swissre.com
Latin America
Oscar Anzola Quiroga
Head Customer and Distribution Latin America
T. +1 305 679 551
Oscar_Anzola@swissre.com

Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard
insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions servesclients from offices worldwide and is backed by the financial strength of the Swiss Re Group.
For more information about Swiss Re Corporate Solutions, please visit corporatesolutions.swissre.com or follow us on Twitter @SwissRe_CS.
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