HDFC Ergo to cover solar energy generation shortfall risk

HDFC Ergo General Insurance Company has formulated a new solar energy shortfall insurance policy for insuring bidders against the loss of business in case of generation falling below the projected levels. The policy aims to support the project performance to help sustain its intended revenue stream once operations starts. The policy provides insurance cover for energy shortfall due to any unintentional errors in the calculation of the estimated production, defects in the insured installations and actual solar radiation being less than that assumed. The insurance is designed to cover utility-scale as well as rooftop solar plants in India.