Ariel Re support for Ecogensus
Ariel Re, the global re/insurer based in Bermuda, has insured the long-term performance warranty of Ecogensus LLC, a global leader in advanced technology focused on delivering sustainable waste management solutions.
Through its Lloyd’s Syndicate 1910, Ariel Re said, it provides insurance coverage to backstop comprehensive performance guarantees for Ecogensus’s recyclers, which process solid waste into high-performance biofuels.
The company said the insurance coverage puts the strength of Ariel Re behind the performance guarantees for Ecogensus’s processing capacity and fuel specifications.
Ariel Re and US-based Ecogensus have also developed a project revenue protection programme, which is structured to support debt lenders and based on an up-to-ten-year facility level output performance warranty. The OPW programme can be coupled with a facility start-up guarantee, which Ariel Re said provides a seamless enterprise risk-management solution.
Frank Petrocelli, senior risk analyst, Clean Energy Risk Solutions, at Ariel Re, said: “With a growing need for advanced technology to address significant environmental issues, including methane release and ocean plastic pollution, the global market will benefit from product offerings by Ecogensus.
“Insurance products from strong counterparties like Ariel Re will help to accelerate the use of these technologies.”
George Schulz, leader, Americas, of Ariel Re Clean Energy Risk Solutions, added: “As the demand for sustainable waste management solutions continues to grow and project owners and investors seek support of complex performance warranties from recycling solution providers, the Ecogensus team has demonstrated a scalable waste recycling solution with a strong focus on robust and reliable performance; with open dialogue and sharing of information, it enables us to tailor a custom risk-transfer solution.
“Ariel Re is pleased to help Ecogensus achieve its strategic growth goals.”
Bjornulf Ostvik, founder and CEO of Ecogensus, said: “We are excited to partner with Ariel Re to provide reliability and certainty to our customers as we roll out our sustainability solutions globally.
“Our recycling technology offers market-leading waste processing capabilities and enables viable landfill alternatives.
“The Ariel Re programme can enable our customers to access competitive financing solutions as they upgrade their facilities and enhance their valuations with our state-of-the-art recycling solutions.”