Tierra Underwriting Europe BV (Tierra) is pleased to announce that they have concluded a number of non-payment insurance policies with Natixis Corporate & Investment Banking, a French multinational financial services firm, part of Groupe BPCE’s Global Financial Services, embarking on what they hope will be a developing relationship between the two companies. The policies provide insurance for a diversified portfolio of solar PV plants in Latin America, for the construction, operation and maintenance of a greenfield portfolio of solar PV plants in Spain and for the construction and operation of an Indian hybrid renewables portfolio (wind and solar) combined with a battery energy storage system.
Tierra is a specialist insurance company launched in 2021 to respond to the need for credit insurance capacity dedicated to supporting green project finance transactions. Tierra provides insurance on behalf of two Lloyd’s syndicates, Westfield syndicate 1200 and Ascot syndicate 1414 and via the Lloyd’s Insurance Company platform in Europe.
Tierra is fully committed to underwriting transactions that benefit the planet and transition our world to a low carbon future, such as solar, wind and battey storage projects. Tierra is unique in that it is the sole credit insurance provider that only supports transactions which have a measurable environmental benefit. Tierra can provide up to US$50m of insurance cover for project finance tenors of up to 20 years. For its part, Natixis Corporate & Investment Banking is fully committed to supporting the environmental transition by aligning its financing balance sheet with a +1.5°C trajectory by 2050.
These deals were made possible by the support of leading insurance brokers Howden Insurance Broking Limited and BPL Global, who both played an important role in placing the insurance policies on behalf of Natixis.
March 2023
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