China-based manufacturer Suntech has announced a partnership with Germany-based reinsurer Munich Re to provide insurance backup to its 25-year solar module warranty for all modules shipped to the U.S.
To qualify for this insurance, Suntech says it successfully completed Munich Re’s rigorous process and scrutiny that included product audits and factory visits. The insurance provides backup coverage of all Suntech modules produced in 2016 and 2017 based on an upfront lump sum premium payment.
“Our partnership with Munich Re is one of our many steps to show U.S. customers Suntech’s commitment to them and the U.S. market and reinforce their confidence in the bankability of Suntech modules based on reliable performance over time,” said He Shuangquan, executive president of Suntech.
“Munich Re values our new partnership with Suntech, as during our risk management evaluation, we were very convinced of their key component suppliers, the high-quality materials for its modules and its intensive quality assurance process,” said Michael Schrempp, Munich Re’s head of green tech solutions.