New Circular Released on Insurance Products for Solar Power Plants

The Ministry of New and Renewable Energy (MNRE) has issued a circular regarding insurance products tailored for solar power plants. This circular was issued on March 18, 2024.

MNRE had previously undertaken consultations with the Insurance Regulatory and Development Authority of India (IRDAI). Based on these consultations, the MNRE had issued a circular dated 26th February 2024. This circular listed insurers providing coverage for the diverse risks linked with solar power facilities.

Following this, the Ministry has received an updated roster of insurers from IRDAI. Consequently, MNRE has issued an updated list of insurers offering insurance products against risks associated with solar power plants.

This step aims to inform all stakeholders about the available insurance options for solar power plants, fostering better risk management in the sector.