ReneSola Ltd("ReneSola") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, began offering SolarSafe warranty insurance for its solar PV modules. The program, offered through Aon-COFCO Insurance Brokers Company Limited ("Aon-COFCO") and Yinda Taihe Property Insurance Company Ltd. ("YDPIC"), offers both performance guarantees and warranties of product quality.
Under the terms of the insurance agreement, ReneSola will provide its customers with a limited warranty program that includes guaranteed 25-year performance along with product quality warranties of up to 12 years for its solar PV modules sold overseas. SolarSafe covers liabilities matching 100 percent of the limited warranty offered by ReneSola and allows for the transfer of policy rights to end users.
SolarSafe widens the range of solar projects insured by lowering the minimum project value allowed, so both small and medium-sized clients can benefit. With rooftop applications covered under SolarSafe, ReneSola's solar modules are now insured for nearly all applications.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "SolarSafe insurance allows us to provide more complete, customer-friendly and flexible warranties to our clients. It can reassure customers of the long-lasting performance and high quality of our solar modules. The available 25-year coverage demonstrates the bankability of our products by mitigating the financial risks associated with solar projects. The insurance will help our customers in terms of financing their projects, while at the same time allow us to focus on the quality and performance of our solar modules."