International managing general agent (MGA) USQRisk has teamed up with Ascend Analytics to introduce a new insurance product that focuses on utility-scale energy storage projects.
The insurance solution uses Ascend’s analytic and pricing products, including its SmartBidder and PowerSIM platforms, to customize the revenue protection coverage for various energy storage projects.
Michael Zipper, president of USQRisk, noted that it offers greater opportunities for the clean energy industry to gain access to financing for utility-scale energy storage projects.
“Now, institutional investors have a more effective tool to demonstrate revenue certainty and reduce financing risk, thereby expanding the potential for the development of energy storage projects,” Zipper said.
Adam Hise, managing director at Ascend Analytics, also highlighted the potential of this new insurance offering.
“We’ve seen firsthand how revenue risk is slowing the energy transition. Our new revenue protection insurance offering with USQRisk gives sophisticated investors like UBS Asset Management an alternative to traditional merchant and tolled battery financings, and is an evolutionary advancement for the industry,” Hise said.
Elsewhere for the MGA, USQRisk also recently announced the promotion of Tony Harrington-Jones to the position of chief operating officer (COO).
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