Kuala Lumpur, Malaysia, 18th October 2024 – Anora Agency Sdn Bhd (ANORA) in collaboration with Asia Carbonx Change PLT (“ACCP”) and supported by Tokio Marine Insurans (Malaysia) Berhad (“TMIM”) are pleased to announce the launch of Solar Programme for Renewable Energy Optimisation (“SOLARPRO®”), a groundbreaking initiative that offers comprehensive insurance protection for solar photovoltaic (PV) systems at no cost to asset owners. This innovative programme leverages the monetisation of environmental attributes through Renewable Energy Certificates (RECs), ensuring long-term sustainability and financial protection for solar energy producers while promoting the adoption of clean, renewable energy.
ANORA, a pioneer in solar photovoltaic insurance schemes in Malaysia since 2018, has led the charge in providing tailored risk transfer solutions for the solar industry. With years of experience in developing and managing specialised insurance products for the renewable energy sector, ANORA continues to be at the forefront of innovation in supporting the growth of green energy.
SOLARPRO® represents a new era in solar energy insurance, offering zero-cost coverage or subsidized premium programme to solar assets owners. This is made possible through the monetisation of environmental attributes, RECs, which allow us to generate financial value from the clean energy produced by solar PV system,” said Samuel Soon, Chief Executive Officer at ANORA. “By linking insurance to the value of RECs, we are ensuring that solar energy producers can enjoy both risk protection and financial returns, all while contributing to sustainability goals.”
ACCP, a recognised expert in the application and trading of Renewable Energy Certificates (RECs), plays a critical role in maximising the value of environmental attributes for solar projects under the SOLARPRO® programme. Their expertise ensures that solar PV system assets owners can fully capitalise on the economic benefits of RECs, converting these environmental credits into a sustainable source of income that offsets insurance costs.
“Sustainability requires future-proof solutions, and SOLARPRO® exemplifies this by merging renewable energy and financial innovation. By assisting solar asset owners monetize their RECs from domestic, commercial and industrial installations, we provide essential financial resilience to solar projects, driving both local and global energy transition while ensuring long-term economic and environmental benefits.” — Ashwinder Singh Johl, Chief Operating and Legal Officer, ACCP.
TMIM, as a key supporter of green energy initiatives, encourages and fully backs the SOLARPRO® programme. TMIM believes that removing financial barriers and offering low or no-cost insurance through the use of environmental attributes will greatly enhance the adoption of solar energy in Malaysia and beyond.
“TMIM is proud to support this forward-thinking initiative,” said Mr Ng Hang Ming, Chief Executive Officer at TMIM. “By integrating sustainability with innovative risk management solutions, SOLARPRO® aligns perfectly with our mission to promote green energy adoption. This programme not only protects investments but also demonstrates how environmental attributes can be harnessed to drive sustainability at no extra cost to project developers.”
With SOLARPRO®, ANORA, ACCP, and TMIM are taking a significant step towards supporting the growth of the renewable energy sector by offering solutions that merge financial innovation with sustainability. The SOLARPRO® initiative highlights the importance of environmental attributes in reducing risks, creating economic opportunities, and accelerating the transition to a greener, more resilient future.
