IRVINE, Calif., Jan. 3, 2012 /PRNewswire/ -- PowerGuard Specialty Insurance Services announces that Chinese solar manufacturer, ZNShine, has joined the growing number of international solar panel manufacturers adopting PowerGuard's unique PowerClip extended warranty protection.
ZNShine Solar is a vertically integrated producer of solar photovoltaic modules. Controlling the value chain from raw silicon to solar photovoltaic systems, the company has a strong position in the global renewable energy market. This integrated business model gives ZNShine a unique opportunity to generate solar electrical power at a highly competitive price.
In 2011, ZNShine's production reached annual capacity of 500 MW. They accomplished this using highly automated production lines equipped with machines supplied by leading European companies. This process ensures very narrow processing parameters, resulting in stable and solid product quality, which has consistently received a top rating from PHOTON Field Measurement. ZNShine pays constant attention to product quality and their modules have been certified by UL, TUV, Rheinland, TUV SUD and BABT.
ZNShine products are further supported by both Zurich Insurance and now by PowerGuard.
A specialty renewable energy program manager based in the U.S., PowerGuard provides an innovative 25-year, non-cancellable quality and performance guarantee solution to back-up a manufacturer's own warranty terms.
The PowerGuard insurance solution, available globally, provides certainty and security to the solar manufacturer's end customers. Its warranty terms are non-cancellable and will survive even insolvency and bankruptcy. Third-party rights to the policy in case the original solar manufacturer goes out of business are also offered, backed by the capital strength of the insurance market.
Mike McMullen, Managing Principal of PowerGuard, said: "PowerGuard is proud that our unique and innovative PowerClip risk-transfer product is increasingly being adopted by leading solar module manufacturers around the world. PowerGuard will continue to support the development and success of the global renewable energy industry with unique, industry-leading products and services."
Poly and mono crystalline photovoltaic modules manufactured by ZNShine Solar have been successfully used in various medium and large-scale projects located in Germany, Spain and Italy. With these references, the company is now recognized and supported by both U.S. and European banks for both medium and large-scale investments in solar photovoltaic parks.
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.
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 manufactures, 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 .
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SOURCE PowerGuard Specialty Insurance Services