GCube, an underwriter for renewable energy initiatives, says it has underwritten Australia's first utility-scale solar power project.
The 10 MW Greenough River Solar Farm, near Geraldton, Western Australia, broke ground in November 2011 and is currently undergoing construction. It is due to be operational in mid-2012.
As part of the Greenough River solar project and in conjunction with Aon Australia's renewable energy practice, GCube will provide marine transit, liability and construction insurance for the project. The project is owned by Western Australian electricity generator Verve Energy and GE Energy Financial Services.
The project is supported financially by the Western Australian Office of Energy and the Royalties for Regions program through the Department of Regional Development and Lands.