PV Module of Sunova Solar Guaranteed by Two Insurance Giants

November 18, 2021

Nov 18th, Thursday, Wuxi, China. The Wuxi based China PV Module manufacturer, Sunova Solar today signed strategic cooperation agreements with both Ping An Insurance and the Lloyd's. Ping An Insurance starts to provide 25 years of power loss compensation liability insurance services for Sunova Solar’s module products and the insurance will be reinsurance supported by world-famous insurance institution, the Ariel Re of Lloyd's London.

The cooperation with Ping An and the Lloyd’s reflects the recognition of Sunova Solar’s PV module products by Tier1 insurance companies due to its quality, reliability, and credibility. The module products of Sunova Solar are now true rival to those from Tier1 module manufacturers. For Sunova Solar’s customers, the products with insurance support from world famous insurance companies have high credibility and bankability which help them to easier meet overseas financing requirements.

Representative from Lloyd’s expressed on the ceremony: “Sunova Solar has state of art automotive production lines for PV module manufacturing. Meanwhile, the product quality control system and product reliability have passed the approval of relevant authoritative testing institutions, and also meet the underwriting requirements of Ping An Insurance and the Ariel Re of Lloyd's London. We believe this cooperation between the two parties can better remove customers' worries about the quality and attenuation of PV products, and to improve the risk resistance and financing ability of PV project.”

“The signing of insurance agreement with Ping An Insurance and reinsurance agreement with the Lloyd's, is not only the recognition of the quality of our PV product, but also an encouragement to all people of Sunova Solar. In the future, the company will always stick to product quality and continue to provide customers with high-quality module products and high-efficient services” Said Mike Song, chairman of Wuxi Sunova Solar.

Along with China’s carbon peak and carbon neutral targets, solar PV experienced a rapid development in past years. Sunova Solar also continued expansion on PV module capacity. By end of 2022, the company will have module capacity of 3 GW, within which 2 GW locates in China and 1 GW outside of China. In 2021, Sunova Solar has achieved module shipment of 1 GW, and in 2022, The company will become another GW level player in yearly module shipment. The new insurance agreement will significantly increase the company’s competitiveness and bankability in overseas market.

About Sunova Solar

Founded in 2016, Sunova Solar is a fast growing PV module manufacturer based in China. Presently, Sunova Solar has more than 100 industry-leading partners in more than 20 countries and regions around the world. Besides PV module products, Sunova Solar also invests in R&D of PV storage system, and new storage product will be launched in the near future. Sunova Solar targets to become the world's leading supplier of integrated solutions of distributed PV system.