Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, has launched a new renewable energy consortium, to respond to the growing needs of the APAC region and supporting countries, as they transition to greener energy solutions.
Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks and is positioned to capitalise on the growth opportunities seen in this sector, such as onshore construction, as well as the operational risks of solar and wind energy projects.
The new consortium has been developed by Chaucer, Markel, and Munich Re Syndicate Ltd (MRSL) and has a maximum working capacity of USD100m per project.
The renewable energy sector has experienced considerable growth in Asia over the past decade with solar and wind power expanding rapidly and major countries in the region investing in renewable energy, including India, Japan, Vietnam, Korea, and China as the world’s largest producer. The Association of Southeast Asian Nations (ASEAN) has set an aspirational regional renewable energy target – to derive 23% of its total primary energy supply from renewables by 2025.*
It is expected that Asia Pacific will continue to outperform other regions as a market for the investment and development in renewable energy over the coming decade with capacity predicted to increase by up to 2 terawatts by 2030.**