Descartes partners with Nextpower on solar wind protection

Descartes Underwriting has partnered with solar technology provider NextPower to introduce a parametric insurance solution designed to protect utility-scale solar operators against straight-line wind events.

The product uses real-time wind speed data collected from meteorological stations installed at Nextpower sites to trigger payouts based on predefined thresholds. According to the companies, the integration of site-level data is intended to reduce basis risk and provide a more precise assessment of wind conditions affecting individual projects.

The coverage offers limits of up to $80 million globally and $100 million in the U.S. and is available through commercial (re)insurance brokers to eligible Nextpower customers worldwide. The solution can also be combined with Descartes’ existing satellite-based tornado and radar-based hail products to provide broader protection against severe convective storms.

“By integrating wind measurements from Nextpower’s on-site meteorological stations with Descartes’ parametric coverage, we are helping customers reduce uncertainty after straight-line wind events, access liquidity, and accelerate the path to recovery.” – Andrew Griffiths, Vice President of Asset Management at Nextpower.