REIB insures Romania’s biggest photovoltaic plant

Renewable Energy Insurance Broker (REIB) provided insurance packages for every phase of development of the Rătești solar park. The 155 MW photovoltaic plant, the biggest in Romania, is located west of Bucharest. The firm is majority owned by RENOMIA.

REIB, based in New York City and with offices in Berlin and Sofia, said it has provided comprehensive insurance packages from the inception of the Rătești solar power project. The facility was completed in late 2023 at a location in Romania’s Argeș county.

Spanning 170 hectares and with a peak capacity of 155 MW, the photovoltaic plant is expected to generate 220 GWh per year, the company noted. It is equivalent to the electricity needs of more than 100,000 domestic households.

Renewable Energy Insurance Broker said it landed deals on construction and builders all risk insurance and all risk insurance for the operational phase including liability insurance and business interruption coverage.

REIB has insured PV plants with a combined capacity of over 9 GW on four continents

Rătești is the biggest solar power plant in the county. Econergy Renewable Energy and Nofar Energy developed the project. The site is west of the capital Bucharest.

REIB added that it also provides coverage for potential underperformance and warranty bonds. The firm was established in 2011. It said it has insured PV plants with a combined capacity of over 9 GW on four continents. REIB entered a partnership in 2023 with RENOMIA Insurance Broker and Gallagher Group.

Risk management, insurance and claims management consultancy RENOMIA acquired a majority stake in REIB almost two years ago. Headquartered in the Czech Republic in 1993, it is part of Gallager Group, which is a minority shareholder.