As a leading provider of renewable energy insurance, Renewable Energy Insurance Broker (REIB) is proud to play a crucial role in Bulgaria’s transition toward sustainable energy. With the country experiencing remarkable growth in solar and wind energy projects, battery energy storage systems (BESS) have become essential for stabilizing the grid and ensuring reliable energy supply.
While BESS holds the potential to transform Bulgaria’s energy landscape, it also introduces unique risks, including inefficiencies, system failures, and fire hazards. Ensuring the safety and profitability of energy storage projects requires meticulous technical planning and robust financial protections. This is where insurance plays a pivotal role, safeguarding investments and promoting long-term project stability.
Why Insurance is Essential for Energy Storage Projects
Renewable energy production, particularly solar, is subject to fluctuations caused by seasonal and daily variability. Energy storage addresses these challenges by storing excess energy during peak production and releasing it when generation is low, making solar projects more reliable and profitable.
However, innovative technologies like BESS come with inherent risks. System failures and fire hazards can threaten project performance and profitability. Proper project layouts, including adequate spacing between batteries and solar modules, are crucial for minimizing risks and meeting strict safety standards. Investors must adopt comprehensive risk management strategies to protect their assets and returns.
At REIB, we provide tailored insurance solutions that address the complexities of BESS projects at every stage, from feasibility studies to construction and operation. As Bulgaria’s leading renewable energy insurance broker, we understand the unique challenges of the sector and are committed to ensuring the financial viability of energy storage projects.
REIB: Leading the Way in Energy Storage Insurance
With over a decade of experience in renewable energy insurance, REIB has emerged as a key player in the industry. Currently, we insure 100 MWh of the 130 MWh of installed battery storage in Bulgaria, a testament to our expertise and trusted role in the country’s energy transition.
Our services extend beyond Bulgaria to international markets, offering risk management solutions tailored to the specific needs of energy storage projects. From Construction All Risk (CAR) Insurance, which protects projects during construction, to Business Interruption Insurance that compensates for revenue losses caused by downtime, our solutions are designed to ensure comprehensive coverage.
One of our standout offerings is Reduced Yield Coverage, which guarantees compensation if a solar project’s output drops by more than 10% due to factors such as low solar radiation, equipment failure, or adverse weather conditions. This product provides peace of mind to both investors and lenders, making it easier to secure financing and achieve project success.
Bulgaria’s Expanding Energy Storage Market
The future of energy storage in Bulgaria is bright, with significant growth on the horizon. Thanks to recent legislative updates and funding from the European Union’s Recovery and Resilience Facility, an estimated 10000 MWh of new battery capacity is expected to connect to the grid within the next two years.
As both domestic and international investors look to capitalize on these opportunities, risk mitigation becomes critical. With our tailored insurance products and deep expertise, REIB stands as a trusted partner for ensuring long-term success in Bulgaria’s energy storage projects.
For more insights into how REIB transforms renewable energy investments, check out the full article published in the annual edition of the Renewable Energy Industry in Bulgaria analysis by SeeNext and Gugushev & Partners Law Office.
