Narec Capital Set to Revolutionise Renewable Energy Sector (UK)
Ashberg and the National Renewable Energy Centre (Narec) are delighted to announce the launch of Narec Capital.
The launch, which took place yesterday at Lloyd’s of London, has been met with huge interest from the insurance industry and investors alike.
As Jerry Biggs, a director at Ashberg explained: “The joint venture between Narec and Ashberg aims to revolutionise current investment in the renewable energy sector by de-risking projects and technologies, in order to increase capital flow through the provision of a unique mix of engineering and financial expertise.”
Narec Capital’s consultancy practice provides access to the National Renewable Energy Centre’s intellectual property and engineering capabilities, and will be a key driver in providing relevant information to potential investors and insurers.
The provision of key data will allow underwriters to correctly price the risks associated with renewable energy projects and access a market which will see approximately £200bn of insurable assets deployed offshore UK by 2020.
Additionally, Narec Capital will provide direction and assistance to both private and institutional investors, on a whole-of-market basis, to enable them to benefit from the opportunities created by better insurance provision and greater understanding of the renewable arena.
Alan Rutherford, chairman of Narec, added: “Narec Capital has been set up as our commercial arm to help the capital markets access Narec’s wide-ranging technical capabilities.
“The opportunities are immense and we have the ability here in the UK to lead the world in de-risking these investments. However, banks are reluctant to lend and funds are hesitant to invest as they wait for proven technologies. The answer must lie in lowering the risks for investors and I thus have no doubt that the insurance industry will be key to unlocking the capital markets for the renewable sector. We’d also like to thank the Technology Strategy Board for hosting the conference.”
Source: narec, January 14, 2011