A strategic alliance between insurance broker Willis Group Holdings and clean energy financier Narec Capital is set to boost renewables market
Its claimed the deal will give would-be investors and developers of renewable technologies the confidence they need to test and deploy new clean energy solutions through a combined service of finance and insurance capacity.
While the clean energy revolution poses significant social benefits and business opportunities, it also presents significant risks and challenges to developers, financiers and insurers.
Narec Capital’s role is to open up finance opportunities by identifying investors with an appetite for early-stage renewable development and de-risking those opportunities, while Willis provides insurance services and products for the renewable energy sector.
The companies will also rely on their respective academic institution and technology partners to accelerate the research and commercialisation of renewable power and infrastructure.
Commenting on the partnership with Willis, Jerry Biggs, Chief Executive of Narec Capital, said: “The strengths of Willis strongly complement those of Narec Capital and our partners.”
“The breadth of our rapidly growing financial risk mitigation capability, headed by the very experienced team of Michael Bullock and Bill Lloyd, in conjunction with our technical due diligence activities, is already helping us to bring much-needed additional financial capacity into the renewable sector and will reduce the overall cost of capital for our investors.”
“With our team working closely with Willis, we are certain that we will be able to accelerate this market development even more rapidly.”
Michael Buckle, Renewable Energy Practice Leader at Willis, added: “We are delighted to work with Narec Capital to bring together and harness a unique proposition to accelerate and mitigate the risks of renewable energy development.”
“The agreement supports our companies’ shared objective to drive positive change in the clean energy market by reducing and mitigating the risks linked to renewable development. Alongside Narec Capital, we share the same vision and the fusion of skills within each organisation shows outstanding and unprecedented capability in the sector.”