Munich Re and GCube have been appointed by Saudi Arabian power company ACWA Power to deliver specialist insurance and risk management services for Noor 1, a 160 megawatt concentrated solar power project in the city of Ou

German reinsurer Munich Re has been jointly appointed to provide risk transfer solution for a large-scale concentrating solar power plant in Morocco.

-Munich Re and GCube have been appointed by Saudi Arabian power company ACWA Power to deliver specialist insurance and risk management services for Noor 1, a 160 megawatt concentrated solar power project in the city of Ouarzazate.

-The solar thermal project Noor 1 represents the largest CSP project outside of North America.

-Munich Re and GCube are jointly leading the Marsh-designed integrated policy, which not only covers a 28-month construction period but also 12 months of commercial operation after completion.

-The start of commercial operation is scheduled for the end of 2015.

-Munich Re and GCube will together provide 50% of the risk capacity.