MEDIA RELEASE PR39302
CNPV Introduces World's First Guaranteed 'All-Risks' Crystalline PV Module and Installation Insurance
LUXEMBOURG, DONGYING, China and FRANKFURT, Germany, Apr. 28 /PRNewswire-Asia-AsiaNet/ --
CNPV Solar Power SA, a leading integrated manufacturer of solar photovoltaic products from the
production of ingots, wafers and cells to the assembly of PV modules that designs, manufactures and supplies
highly efficient and cost effective crystalline solar photovoltaic modules, today announced that it has entered
into a long-term performance warranty insurance for PV Modules and installation with Willis.
The two organizations, underwritten by reputable insurers from Europe, join forces to provide a new form of
solar PV Module insurance and installation cover. As both companies are specialists in their own right, CNPV
in high technology Solar Photovoltaic Ingot to Module Manufacturing, and Willis in worldwide leading
insurance broking, it made sense for them to create this new wide ranging unique solution.
CNPV offers a performance guarantee on the power output of its PV Module, and now together with Willis,
the power output is not only guaranteed but is also insured for 25 years. The insurers will indemnify for any
reduction in power loss from CNPV's warranted, 90% guaranteed energy output in the first 10 years and 80%
in the following 15 years. Additionally the insurance also covers expenses which might become necessary
when recovering the formerly certified energy output. PV module satisfaction is also tied to replacement in the
event of incorrect manufacture. CNPV guarantees their modules are defect free as a result of manufacture for
10 years, additional insurance is provided within the new product solution.
CNPV and Willis created a further benefit to solar system buyers by combining an "All-Risks" cover,
together with this Guarantee Insurance. This additional insurance covers risks which might lead to damage,
destruction or loss of insured property due to e.g. operating errors, vandalism, theft, natural disasters.
Furthermore it not only covers property damage but also resulting business interruption claims. The "All-Risks"
cover is initiated by CNPV for one year, after which, Clients from CNPV can extend this one-year "All-Risks"
cover for an attractive premium.
This benefit will be further enhanced by a so-called "less revenue insurance", covering revenue losses (on
the basis of a survey), not caused by willful intent or gross negligence. Consequently, this cover does not
require property damage in comparison to the usual products.
In preparation for this concept, Special Risks experts lead the development, involving several months of
detailed examination of CNPV's high quality standards and manufacturing processes. This indicates that they
are prepared to insure their customers.
This leads to a winning combination for the end user, financier, investors and project developers. Now, the
installed system is insured to provide the predicted financial returns of PV Modules performance, allowing
greater business certainty and giving operators of solar power parks the opportunity to deploy CNPV modules
to finance photovoltaic installations more easily and with increased flexibility.
COO, CTO & Board Member of CNPV, B. Veerraju Chaudary was clearly satisfied with this agreement: "For
our clients, this insurance solution is a major stepping-stone in financing photovoltaic projects. It ultimately
gives operators of solar parks additional economic security in the event of an unforeseen loss in performance
of the PV Modules and installation."
"As a specialist in high risk reduction and provision of additional security for business and investors, we are
delighted to have launched the evaluation and creation of this unique offering. It combines our areas of
expertise as well as our corporate philosophy of providing peace of mind and financial security to this growing
and important market. We are equally delighted to be involved in the shaping of the support structure that is
offered by CNPV to the satisfaction of their clients," enthused CEO of Willis Germany Mr. Mathias Pahl.
All cooperation partners look forward to a successful and trustful business relationship.
About CNPV
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying
Photovoltaic Power Company Limited, is a leading integrated manufacturer of solar photovoltaic products. For
About Willis
Willis Group Holdings plc (NYSE: WSH) is one of the world's leading global insurance broker and risk
consultants with more than 400 offices in nearly 120 countries and a global team of approximately 20,000
Associates, serving clients in virtually every part of the world. It provides a range of insurance brokerage,
reinsurance and risk management consulting services to its worldwide clients, both directly and indirectly
through its associates.
Disclaimer
This press release contains forward-looking statements that are based on current assumptions and
forecasts of the management of CNPV. Known and unknown risks, uncertainties and other factors could lead
to material differences between the forward-looking statements given here and the actual development, in
particular the results, financial situation and performance of our Company. The Company assumes no liability
to update these forward-looking statements or to conform them to future events or developments.
For more information:
B. Veerraju Chaudary,
COO, CTO & Member of the Board
CNPV Solar Power SA
Direct Land Line: +86-546-7795053
Mobile: +86-13656-473355
Email: chaudary@cnpv-power.com
Joachim Mailaender
Head of Marine Department Germany
Willis GmbH & Co. KG
Solmsstrasse 71-75, 60486 Frankfurt Main, Germany
Phone: +49-69848455-1243
Fax: +49-69848455-1320
Mobile: +49-1716084472
Email: achim.mailaender@willis.com
SOURCE: CNPV Solar Power SA; Willis GmbH & Co. KG
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