GreenieRE is launching a Renewable Energy Surety Program through a newly formed partnership with United Casualty and Surety Insurance Company (UCS).
The program will bring a suite of products to the market designed to provide bonds for renewable energy developers and utility owners to counteract the possibility of projects not being completed or able to reach fulfillment.
The first products issued will be for a Midwest community solar project, providing interconnection bonds to cover the risk that the developer may fail to complete required interconnection upgrades and decommissioning bonds to ensure funds are available for the removal and disposal of solar equipment that reached the end of its useful life.
Other products that will be offered under the program target bottlenecks preventing the deployment of new energy infrastructure and include performance and power purchase agreement/virtual power purchase agreement (PPA/VPPA) bonds, construction bonds, and site lease and permit bonds.
Due to low-income and disadvantaged communities (LIDAC) often facing greater challenges when it comes to getting clean energy projects online, GreenieRE and UCS are ensuring these communities have access to affordable renewable energy through various efforts, including fostering private sector engagement and driving the investment of additional capital.
“Our surety program directly supports the buildout of renewable energy assets, enabling capital efficient credit support for developers and utilities,” said Jeff McAulay, CEO of GreenieRE, in a statement. “This partnership reflects our commitment to helping more domestic clean energy infrastructure get built quickly and responsibly. We are excited to partner with UCS and look forward to working with them to continue to drive innovation in risk transfer products.”
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