Paratus Holdings has announced that Paratus Renewables Insurance Limited has been granted regulatory approval by the Guernsey Financial Services Authority (GFSC) to provide insurance cover to the renewable power industry.

As a re/insurance group underwriting energy price risk, this licence approval will reportedly expand Paratus’ product offering beyond aviation, maritime, and freight to renewable power including wind, solar, biofuels, and hydrogen.

Gus Majed, Group CEO and Founder, Paratus, commented, “The renewable power licence is central to our future growth. We are writing the world’s first policy for renewable power price protection and our product will have a transformative impact on the renewable energy industry.

“It will help catalyse the growth and competitiveness of renewable power assets, as Paratus expands across the U.K., Europe and the U.S. Our focus is on providing clear, simple and transparent solutions that transform how firms mitigate adverse energy price volatility.

“This is a crucial step forward for the business and for the industry, as our world first renewable power price insurance policy will accelerate the transition to renewable energy sources and sustainable fuels.”

Paratus has additionally enhanced its offering by partnering with px Group, a fully licenced Ofgem supply business that provides power balancing capabilities.

According to the firm, this partnership enables Paratus & Partners, its insurance brokerage division, to leverage px Group’s capability to provide its clients with compelling economics for physical offtake and 24/7 monitoring services, when they take out an insurance policy.

Gus added, “px Group has long-standing experience and a first-class reputation for working with customers in the renewable energy space, and we are confident that this strategic partnership will help to support renewable power producers even more effectively, as they drive the transition to net zero. With px Group, we can deliver an end-to-end complete solution for renewable power generators.”