Dimitar Dimitrov: Battery developers should seek insurance in early project stages

Investors and developers of battery energy storage systems (BESS) should engage with insurers or specialized brokers as early as the development phase to effectively manage risks and ensure bankability, advised Dimitar Dimitrov, Business Development Manager at Renewable Energy Insurance Broker (REIB), during Belgrade Energy Forum 2025.

With over 4 GWh of energy storage systems across four continents, REIB offers bespoke insurance solutions tailored to the needs of utility-scale developments. Dimitrov emphasized that REIB’s portfolio includes dedicated products for BESS, covering business interruption, cyber threats, and technical malfunctions.

Speaking at the storage panel, Dimitrov underscored the importance of insuring against business interruption, especially due to outages that may compromise grid connections. He also highlighted the value of cargo insurance and robust fire protection strategies, noting these are key concerns from the insurer’s standpoint.

“As both a broker and an investor in renewable energy projects, we have first-hand knowledge of what developers go through,” said Dimitrov. “This dual perspective enables us to anticipate risk points during different phases and recommend solutions that align with actual project needs.”

REIB has developed specialized insurance products for BESS projects

REIB offers specialized insurance coverage for renewable energy and BESS projects, including tailor-made solutions for Business Interruption, Reduced Yield Coverage, Cyber Risk, and Third-Party Liability.

The company has more than 14 years of experience in renewable energy and currently insures over 60% of the PV market and more than 80% of BESS projects (installed and under construction) in Bulgaria, and cover more than 30% of the solar sector in Romania.

As an investor, REIB is familiar with all the requirements developers and contractors should meet

Having gone through the procedures of installing solar power plans and battery storage systems as an investor, REIB is familiar with all the requirements that developers, power producers, and contractors should meet. “In this way, we definitely can give the right recommendations to companies,” Dimitrov asserted.

REIB partners exclusively with A+ rated insurance companies, recognized as market leaders in both the US and Europe. This strategic approach ensures that all coverage options meet the highest standards of reliability and financial strength.

“The company also has strong exposure in the European Union market, which allows us to secure A-rated insurance policies that are fully aligned with bank requirements and enhance project bankability,” Dimitrov emphasized.