Allianz General, Cenergi SEA and Sterling Brokers sign MoU on Solar Energy
- Generates protection for planned 50-megawatt solar PV systems
Kuala Lumpur, 3 February 2020 – Allianz General Insurance Company (Malaysia) Berhad (Allianz General), Cenergi SEA Sdn Bhd (Cenergi), and Sterling Insurance Brokers Sdn Bhd (Sterling) have signed a Memorandum of Understanding (MoU) today to further promote solar energy as the nation’s primary source of energy generation.
Malaysia is aiming to increase the use of renewable energy to generate electricity from six percent to 20 percent by 2025, which will be largely driven by solar. Already one of South-East Asia’s biggest employers of solar photovoltaic (PV) technology which converts sunlight into direct current electricity using semiconductors, this year, Malaysia is looking to further capitalise on its renewable energy sector as it works towards becoming the region’s green technology hub.
The partnership will address the current protection gaps in solar PV ecosystem in Malaysia.
As part of the collaboration, Allianz General will offer Cenergi its Erection All Risks insurance scheme and Allianz Property All Risks cover for the construction and operation of solar PV system. The collaboration will encompass the protection of a planned solar PV systems that will collectively generate 50 megawatt of power. Additionally, the partnership would also see Cenergi promote Allianz General’s other commercial property insurance products as well as other specialised solutions to its partners and clients.
Allianz Malaysia Berhad and Allianz General Chief Executive Officer Zakri Khir said there has been a big push for renewable energy in Malaysia and Allianz General is very much part of that conversation in furthering the Malaysia’s green agenda.
“There is no better time to invest in the future than now and by providing protection for local solar PV industry players and filling in the protection gaps where they matter the most – during construction and operations – we always hope to further reinforce and encourage the adoption of renewable energy in Malaysia. As an insurer equipped with the expertise and capabilities to underwrite such businesses, we are all in to provide comprehensive, perceptive and customer-centric protection for our customers,” said Zakri.
As the leading general insurer in Malaysia, Allianz General offers a broad spectrum of services in motor insurance, personal lines, small to medium enterprise businesses, and large industrial risks.
Cenergi is an investment company which leads project development and investments specialising in renewable energy and energy efficiency projects.
Cenergi’s Executive Director Ahmad Jauhari Yahya said: “Currently, Cenergi is rapidly expanding our solar business segment and this strategic insurance partnership will ensure Cenergi can deliver comfort to our customers. This initiative will also support our mission to provide sustainable renewable energy production, in line with Malaysia’s renewable energy target.”
Specialist buyers of insurance, Sterling provides highly customised insurance consultancy and advisory services in the energy, oil and gas, large scale infrastructure and space sectors as well as satellite technologies.
This arrangement is part of Sterling’s targeted endeavour in providing long-term risk and insurance solutions to renewable energy (RE) players in the industry.
Given the planned growth of this industry, Sterling has been at the forefront in promoting resilience in overall project development, delivery and operations through risk management and risk transfer / financing. Sterling’s ultimate objective as the risk and insurance advisor for these projects, is to ensure sustainable, safe and timely completion of the projects.
Abdul Halim Jantan, Group Chief Executive Officer and Chief Executive Officer of Sterling said: For us, it’s more than just business but a sustainable green energy of the future, especially for our children and grandchildren of the world.”