Recently, Phono Solar, a global leading strategic renewable energy provider, has announced that Phono Solar PV module is successfully incorporated into Solar Insurance and Finance (Solarif) insurance list, after completion of a comprehensive specialist technical and financial risk assessment on technology, fund, environment and labor. As a result power plants using Phono Solar PV modules can insure their project against compensation of the cost of modules, labor, transportation and any cost caused by inherent defect in PV module including loss of profit due to insufficient power generation. The compensation mechanism in the insurance lasts for 20 years from the ex-factory date of PV module.   

In recent years, bankruptcy occurred frequently in the increasingly competitive global PV market. PV project investors have realized that the quality assurance offered by PV module manufacturers does not provide enough quality assurance, as the quality assurance compensation will not be made available once the manufacturer goes bankrupt. The Solarif List ensures that the certificated PV module manufacturers deliver a premium quality product with minimal risk on inherent defects, produced by a financially secure company with a good CSR record. In the event of any of these manufacturers become bankrupt, often a manufacturer only reimburses new materials, Solarif’s insurances also compensates costs of labor, transportation, special limits and business interruption while keeping the project more stable and making the sale of a project easier.

Yuan Quan, the manager of Phono Solar marketing department, states that with strong backing from central enterprises such as Chinese government owned SINOMACH (China National Machinery Industry Corporation) and SUMEC, Phono Solar always offers reliable quality assurance for its solar PV products. Now, Phono Solar products are incorporated in the list of Solarif insurance, which provide quality assurance and protect the encompassing interests of PV power station investors and owners.