Interview with Delyan Iliev as Managing Director of Renewable Energy Insurance Broker in front of SeeNews
Delyan Iliev has over 24 years of insurance experience. For more than 13 of those years, he
focused on renewable energy. As Managing Director of Renewable Energy Insurance Broker
(REIB), he plays a key role in renewable energy insurance in Bulgaria and abroad. Before
founding REIB, Delyan worked as a Business Development Manager at a leading international
insurance broker. He is one of the co-founders of the Bulgarian Association for Production,
Storage, and Trade of Electricity (APSTE). He also helps advance the European solar industry
through his memberships in Solar Power Europe and the Polish Photovoltaic Association.
Additionally, he has supported the development of multiple solar projects for start-up companies
in Bulgaria.
REIB: A Global Leader in Renewable Energy Insurance
Established in 2011, Renewable Energy Insurance Broker (REIB) specializes in insurance for
solar energy projects. It has quickly become a key player in the renewable energy insurance
sector. With over a decade of experience, REIB has offices in New York, Berlin, and Sofia. It
has insured over 4 GWp of photovoltaic (PV) power plants across four continents and has
worked with partners from the USA, Germany, the UK, Poland, Romania, and more.
One of REIB’s major markets is Romania, where the company holds over 30% of the local solar
market share (installed and in construction PV projects). The company is also expanding its
presence in North Macedonia and Serbia, where significant growth in the solar sector is
anticipated in the near future. In Bulgaria, REIB is a leader in the solar insurance market and
holds over 50% + market share.
Southeast Europe has seen significant growth in the solar energy sector in recent years.
Given REIB’s extensive experience in the region, what are the key trends you’ve
observed, and how do you see the role of energy storage evolving in this rapidly
developing market?
Indeed, Southeast Europe is experiencing a surge in the solar energy sector, primarily driven by
the increasing demand for renewable energy and a clear focus on energy independence. At
REIB, we insure assets in many countries in the region and we’ve observed strong momentum
in infrastructure development. Governments and private investors are speeding up efforts to
expand solar capacity. However, it is equally crucial to integrate energy storage systems.
The need for investment in energy storage is becoming more pressing as we see a greater shift
toward renewables. Solar and wind energy are intermittent by nature, and storage is the future
that will allow us to meet energy demands more effectively.
Can you explain the different types of energy storage solutions available, and why they
are so crucial for the future of solar energy?
Energy storage plays a critical role in optimizing the performance of renewable energy projects,
especially in solar power. Thеre are two main types of energy storage systems in the solar
sector – co-located and stand-alone storage. The main difference between them lies in their
operational dynamics and efficiency.
Stand-alone Battery Energy Storage Systems (BESS) functions separately from energy
generation sources. These systems often require separate land, infrastructure, and connections
to the grid, which can lead to higher operational and maintenance costs.
Co-located Storage Systems are integrated with solar or wind farms, allowing for seamless
energy storage and use. These systems provide significant cost savings, as it shares
infrastructure with the renewable energy power plant, reduces curtailment, and enhances
energy management. Energy is stored when production exceeds demand and can be released
during periods of low generation, thus balancing supply and demand more efficiently.
This capability not only stabilizes energy supply but also enhances the efficiency of renewable
energy systems. By maximizing the use of generated energy and minimizing waste, co-located
storage supports grid stability and energy reliability. It gives solar power producers more
financial flexibility and they can take advantage of the price difference per MWh during the day
and increase their profit. Renewable energy systems are essential for meeting modern energy
demands and reducing dependence on fossil fuels.
Investing in energy storage sounds promising, but it also comes with risks. What
challenges do investors face, and how can they mitigate these risks through insurance?
Investing in energy storage certainly holds great potential, but it also comes with a unique set of
challenges. The most common risks involve technological issues, such as equipment failure,
and financial risks, like loss of income due to reduced energy generation or downtime. Investors
are also concerned about long-term performance, especially in cases where storage doesn’t
deliver the expected yield.
At REIB we offer a wide range of insurance solutions for storage investors, covering risks that
financial institutions often overlook. These include:
- Loss of income (instead of profit) – the difference in this case is significant because, in the same event, the client will receive a bigger compensation.
- Extended Loss of Revenue Indemnity Period – up to 18 months.
- Coverage for reduced yield, protecting investors when energy generation falls below expectations.
- Insurance cover for energy storage systems that are not yet officially grid-connected, ensuring protection from the earliest stages of project development.
What sets us apart from financial institutions is our deep understanding of the renewable energy
sector. Our expertise, especially in energy storage, allows us to offer better, more focused
coverage for our clients.
As an insurance broker, REIB works with A+ rated, market-leading insurers in the USA and
Europe. They provide top-notch risk management to developers, asset managers, and
EPC/O&M firms.
REIB is known not only as an insurance provider but also as an investor in renewable
energy projects. How does this dual role benefit your clients?
Our dual role means that we are familiar with all aspects of the renewable energy industry, from
the technical and operational challenges to the financial risks. This means we can provide far
more than just insurance—we offer valuable insights and expertise that help our partners
optimize their projects.
For example, at REIB we’ve invested in several co-located storage projects ourselves, including
the Nikolichevtsi project (a 5.1 MWp solar plant paired with an 8 MWh BESS) and the Bagrentsi
project (a 5 MWp solar plant with a 12 MWh BESS). This hands-on experience gives us a
deeper understanding of the risks associated with both the investment and operational sides of
such projects.
By being both an investor and an insurance expert, we can provide our partners with holistic
support—helping them mitigate risks, optimize project performance, and ensure long-term
success.
