Insurance underwriting must evolve for hybrid renewable energy projects, TMGX report finds

Summary

The article reports on findings from TMGX that the insurance market needs to evolve its underwriting approaches to keep pace with the rapid growth of co-located renewable energy projects. Co-location—combining renewable energy generation with battery storage and other technologies—is becoming central to global renewable energy development as developers seek to maximize asset utilization, improve project economics, and provide flexible power generation. The trend is driven by demand for round-the-clock electricity, grid constraints, and falling battery storage costs. TMGX notes that the next phase will involve increasingly sophisticated configurations like large-scale battery storage, industrial decarbonization hubs, and Power-to-X projects, requiring insurance products to adapt accordingly.