IRVINE, Calif., Jan. 23, 2012 /PRNewswire/ -- PowerGuard Specialty Insurance Services announced today that solar panel manufacturer Lightway Green New Energy Co. Ltd. ("Lightway") has joined the growing number of solar energy providers globally that have adopted PowerGuard's unique PowerClip extended warranty protection.
Lightway is a fully automated, vertically integrated manufacturer of world class solar panels, controlling the production process from ingots through modules. With a strong balance sheet and the backing of strategic partner Longjitaihe Group (over $1.6B in assets), the company is continuing to expand its production capability and sales in the U.S. and other emerging global solar markets.
A specialty renewable energy program manager based in the United States, PowerGuard provides an innovative 25-year, non-cancellable quality and performance guarantee solution to back up a manufacturer's own warranty terms.
The insurance solution, conceived and underwritten by PowerGuard, offers back-to-back coverage for a 10-year materials and workmanship warranty. Additionally, it offers a linear power performance guarantee over a 25-year period for panels sold by Lightway and covered by the warranty.
Guaranteeing warranty terms through the use of insurance provides the certainty manufacturers and their customers seek, as well as long-term stability for the industry.
"PowerGuard is very proud that our innovative PowerClip warranty solution has become the 'gold standard' for leading solar energy producers around the world," said Mike McMullen, Managing Principal of PowerGuard. "PowerGuard will continue to support the development and success of the global renewable energy industry with unique, industry-leading products and services."
The PowerGuard solution provides certainty and security and its warranty terms are non-cancellable and will survive even insolvency and bankruptcy. Also offered are third-party rights to the policy in case the original solar manufacturer goes out of business. These rights are backed by the capital strength of the insurance market.
"Lightway recognizes that one of the key components for successfully generating and developing market share in the U.S. is the ability to offer a bankable product," said William Sien, Lightway's U.S. Director of Sales. "We feel that our investment in the PowerGuard warranty solution is a testament to Lightway's long-term commitment to our customers and exhibits our dedication to creating lasting relationships that are built on the principles that ensure the security of our quality."
About PowerGuard Specialty Insurance Services:
PowerGuard is a specialty renewable energy program manager specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufacturers, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's PowerWrap Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the performance of the entire solar energy system - written on investment grade paper with an insurance company holding an AA- rating from Standard & Poor's. For more information please visit www.powerguardins.com
Founded in 2008, Lightway is a leading international vertically integrated manufacturer of multi-crystalline ingots, wafers, cells, and modules. Lightway's comprehensive production chain guarantees superior product quality and a cost effective structure, benefiting a global customer base. LIGHTWAY is dedicated to a long-term growth strategy that includes technological innovation, downstream partnerships and financial solutions that meet the energy demands of a changing world. This market strategy resulted in a successful Q4 2011 in which LIGHTWAY executed over 100 MW of U.S. based sales contracts with the full expectation that this momentum will be carried over into 2012.
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SOURCE PowerGuard Specialty Insurance Services